Photo: IC

British travel giant Thomas Cook collapsed after failing to secure rescue funding, the British Civil Aviation Authority (CAA) said Sunday.

The 178-year-old package holiday operator had spent Sunday trying to raise a gigantic contingency fund of 200 million pounds (250 million U.S. dollars) demanded by its lending banks, but to no avail.

"All Thomas Cook bookings, including flights and holidays, have now been cancelled," said the CAA in a statement, following an earlier announcement that the travel firm has "ceased trading with immediate effect."

The British government launched a repatriation program aimed at bringing the company's 150,000 British customers home.