Another one gone, another one down...

Days after the failure of XL Holidays it has emerged that London-based K&S Travel has also gone into administration, which could affect over 500 people.

The tour operator, which specialises in Turkish travel, ceased trading on September 14th with 550 Holidaymakers mainly in the resort of Bodrum, according to a Telegraph report.

It is understood that the Civil Aviation Authority stated that it would charter an aircraft to fly stranded customers back to the UK.

The news provider also reports that boss of Virgin Airlines Sir Richard Branson called for special regulations to be introduced in order that if another airline is to go under, it will be able to continue flying to get passengers home.

Beleaguered Italian flag carrier Alitalia may have potentially found a saviour in the form of a rescue package that relies on two billion euros (£1.6 billion) of tax payers' money.

The country's main trade unions are reportedly on the verge of signing the agreement that would save around 20,000 jobs.