LONDON, England (AP) -- Thousands of British travelers were stranded Friday when the country's third-largest tour operatoXL Leisure Group PLC went into administration overnight, saying it had been unable to secure more funding. 
The Civil Aviation Authority (CAA), which took on the task of getting XL's passengers home, estimated there were 50,000 customers abroad who had booked through an XL tour operator, including 10,000 on holiday with XL Airways and 25,000 with other tour operators who shared the XL flights.
Some 200,000 customers had advance bookings with the XL tour operators, the CAA said. Watch more about the stranded holidaymakers »
XL's chief executive, Phil Wyatt, said the company's costs had risen by more than $80 million per year because of rising oil prices. He added that he had hoped to the last minute to avoid a collapse.
"Up until 9 p.m. last night there was dialogue with the CAA and individuals were coming forward with money potentially to put into the business," Wyatt told a news conference at Gatwick airport south of London.
The wider airline industry has been struggling with higher fuel prices and weaker markets, and many have trimmed their schedules.
"This is a difficult trading environment and some of the airlines that we have become used to will not survive," British Airways chief executive Willie Walsh told Sky News.
Two weeks ago, the Ottawa-based budget carrier Zoom, which offered service to Britain, shut down and blamed fuel prices.
Silverjet, a business-class carrier based at Luton north of London, ceased operations in June. It was the last all-business-class airline flying between London and New York after the collapse of U.S. companies MAXjet Airways Inc. and EOS.
XL Leisure reported an operating loss of £24 million pounds ($43 million) in the last financial year.
XL Leisure's brands included XL Airways UK, Excel Aviation Ltd., Explorer House Ltd., Aspire Holidays Ltd., Freedom Flights Ltd., Freedom Flights (Aviation) Ltd., The Really Great Holiday Company PLC, Meddle Hotels Ltd., Travel City Flights Ltd., and Kosher Villa Holidays PLC.
British Transport Secretary Ruth Kelly said officials were working to arrange transportation home for travelers who are now abroad.
At Gatwick Airport, people expecting to go on holidays arrived to find that XL's aircraft were all grounded.
"We didn't find out about it until we got here. I'm pretty annoyed," said Graham White, 27, of London.
At Manchester airport, Joe Kerwin of Liverpool said no one had explained the situation to him.r collapsed under pressure from high fuel prices and a sagging economy feel gutted and angry, but there's nobody to direct it at," said Kerwin, who had expected to fly to Greece.
"It's shocking," said Tom Penman, 42, who had hoped to take his family to Florida.
"We've saved up for two years and now the children are in tears. It's the last family holiday," Penman said at Manchester airport. "We didn't go on holiday last year to save up for this one."
XL offered flights from seven British airports to destinations in the Mediterranean, the Caribbean and Florida.
Late last month, the company announced it would stop flying charters to Grenada, Tobago, St. Kitts, Antigua, Barbados and St. Lucia.
Straumur-Burdaras Investment Bank of Iceland, which had loaned money to the company for several years, said it had agreed to acquire XL's subsidiaries in Germany and France.
Straumur-Burdaras said its exposure to XL amounted to €45 million ($63 million). "It is not clear at this stage to what extent this may be recovered," the company said in a statement on its Web site. The company and Britain's Barclays Bank reportedly had been involved in negotiations aimed at keeping XL afloat.XL formerly was part of the Icelandic transport group Eimskipafelag Islands, but was spun off in a management buyout in 2006.
Eimskipafelag Islands had provided a loan guarantee of €207 million to XL, but said claims against the guarantee would fall on a group of investors led by Bjorgolfur Gudmundsson, owner of the West Ham football club.
The Civil Aviation Authority (CAA), which took on the task of getting XL's passengers home, estimated there were 50,000 customers abroad who had booked through an XL tour operator, including 10,000 on holiday with XL Airways and 25,000 with other tour operators who shared the XL flights.
Some 200,000 customers had advance bookings with the XL tour operators, the CAA said. Watch more about the stranded holidaymakers »
XL's chief executive, Phil Wyatt, said the company's costs had risen by more than $80 million per year because of rising oil prices. He added that he had hoped to the last minute to avoid a collapse.
"Up until 9 p.m. last night there was dialogue with the CAA and individuals were coming forward with money potentially to put into the business," Wyatt told a news conference at Gatwick airport south of London.
The wider airline industry has been struggling with higher fuel prices and weaker markets, and many have trimmed their schedules.
"This is a difficult trading environment and some of the airlines that we have become used to will not survive," British Airways chief executive Willie Walsh told Sky News.
Two weeks ago, the Ottawa-based budget carrier Zoom, which offered service to Britain, shut down and blamed fuel prices.
Silverjet, a business-class carrier based at Luton north of London, ceased operations in June. It was the last all-business-class airline flying between London and New York after the collapse of U.S. companies MAXjet Airways Inc. and EOS.
XL Leisure reported an operating loss of £24 million pounds ($43 million) in the last financial year.
XL Leisure's brands included XL Airways UK, Excel Aviation Ltd., Explorer House Ltd., Aspire Holidays Ltd., Freedom Flights Ltd., Freedom Flights (Aviation) Ltd., The Really Great Holiday Company PLC, Meddle Hotels Ltd., Travel City Flights Ltd., and Kosher Villa Holidays PLC.
British Transport Secretary Ruth Kelly said officials were working to arrange transportation home for travelers who are now abroad.
At Gatwick Airport, people expecting to go on holidays arrived to find that XL's aircraft were all grounded.
"We didn't find out about it until we got here. I'm pretty annoyed," said Graham White, 27, of London.
At Manchester airport, Joe Kerwin of Liverpool said no one had explained the situation to him.r collapsed under pressure from high fuel prices and a sagging economy feel gutted and angry, but there's nobody to direct it at," said Kerwin, who had expected to fly to Greece.
"It's shocking," said Tom Penman, 42, who had hoped to take his family to Florida.
"We've saved up for two years and now the children are in tears. It's the last family holiday," Penman said at Manchester airport. "We didn't go on holiday last year to save up for this one."
XL offered flights from seven British airports to destinations in the Mediterranean, the Caribbean and Florida.
Late last month, the company announced it would stop flying charters to Grenada, Tobago, St. Kitts, Antigua, Barbados and St. Lucia.
Straumur-Burdaras Investment Bank of Iceland, which had loaned money to the company for several years, said it had agreed to acquire XL's subsidiaries in Germany and France.
Straumur-Burdaras said its exposure to XL amounted to €45 million ($63 million). "It is not clear at this stage to what extent this may be recovered," the company said in a statement on its Web site. The company and Britain's Barclays Bank reportedly had been involved in negotiations aimed at keeping XL afloat.XL formerly was part of the Icelandic transport group Eimskipafelag Islands, but was spun off in a management buyout in 2006.
Eimskipafelag Islands had provided a loan guarantee of €207 million to XL, but said claims against the guarantee would fall on a group of investors led by Bjorgolfur Gudmundsson, owner of the West Ham football club.
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