Thomas Cook ‘not affected’ by major shareholder insolvency
Thomas Cook has issued reassurance that it will not be impacted by majority shareholder Arcandor applying to commence insolvency proceedings.
Today’s announcement will have no impact on customers and is not expected to result in any adverse effect on any of the contractual arrangements of the Thomas Cook group, a company statement said.
Germany department store and mail order firm Arcandor AG is a 52.8% shareholder in the travel giant. It filed for administration after the German government refused a bid for state aid and an emergency loan.
Thomas Cook said it would “closely monitor” what happens to Arcandor’s shareholding.
But the group confirmed that it has not had any approach and is not in any discussions in relation to the acquisition of the Arcandor stake or a potential offer for the company.
Thomas Cook said it financing arrangements are “completely independent” from Arcandor’s financing and are not affected by the development.
Thomas Cook has been operated as a standalone entity, separate from the Arcandor group.
Phil Davies
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