178-year-old Thomas Cook collapsed after failing to secure a deal with its creditors, leaving the British government to step in and rescue the as many as 600,000 customers who are reportedly now looking for a ride home.

Thomas Cook CEO Peter Fankhauser apologized to customers "following a decision of the board late last night, a British government receiver has been appointed early this morning...we have not been able to secure a deal to save our business...I know that this outcome will cause a lot of anxiety, stress and disruption."

Fankhauser explained that while a "deal had been largely agreed, an additional facility requested in the last few days of negotiations presented a challenge that ultimately proved insurmountable." The company, weighed down by debt, said Friday that it was looking for $369 million in financing over the weekend to avoid going under on Monday.