THOUSANDS of Thomas Cook holidaymakers could have just hours to get home or face being stranded abroad as the tour operator goes bust.

The travel agent is reportedly close to abandoning hope of a private rescue deal with fears it could collapse by Sunday.

Thomas Cook had hoped to keep its airlines in the UK, Germany and northern Europe out of administration while letting its British tour operating arm fail, Sky News reports.

But the plan was seen as being too complex - with the company still scrambling to plug its £200million funding gap.

Holidaymakers who are booked on flights only could now be stuck abroad if they don't make it home within hours.

Those on a package holiday are ATOL-protected - meaning the Government would be forced to launch the biggest peacetime repatriation of British citizens at an estimated cost of £600million.

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