Report in the Telegraph
XL Leisure Group, Britain's third biggest holiday group, is being put into administration after its lenders pulled the plug on the ailing company.
Travel operators have struggled to cope with a weakening in consumer confi dence and high oil prices and XL has become the latest casualty after the failure of package holiday firm Seguro earlier this week.
Kroll, the insolvency specialist, is expected to be formally appointed to handle the administration today.
Talks have been going on for the last two weeks to try to refinance the company but creditors to XL, which include Icelandic bank Straumur, are understood to have lost patience.