From The BBC:
Turbulence in the aviation industry has already brought down a series of small airlines over the past year – but the collapse of XL Airways is on an entirely different scale.
The demise of the carrier and its parent firm, the UK’s third-largest tour operator, have left up to 85,000 people stranded abroad and disrupted another 200,000 people’s holiday plans.
Travel industry insiders say its failure has sent “shockwaves” through the business and is likely to be followed by more holiday companies going bust.
After it underwent a management buyout in 2006, XL grew quickly to become a major presence in the British package holiday market.
It sold holidays under a range of different brands including Travel City Direct, Kosmar and Freedom Flights, as well as operating flight-only services for independent travellers.
But even before XL chairman Phil Wyatt’s emotional announcement that his group was going into administration, there were warning signs that the firm might have overstretche…