Thomas Cook has insisted the possible collapse of troubled shareholder Arcandor will have no impact on its staff or customers in the UK.
Chief executive Manny Fontenla-Novoa has pulled out of this week’s Institute of Travel and Tourism Conference in Dubai, as there is due to be a resolution over Arcandor’s future today.
Arcandor, which owns a 52% share in Thomas Cook, will have to file for insolvency if the German government turns down its request for state aid.
A government committee is due to meet today to discuss Arcandor’s request for a 437 million euro loan from state development bank KfW.
A Thomas Cook spokeswoman said: “Manny Fontenla-Novoa has not been able to attend the ITT Conference because he has other issues to deal with here.
“Thomas Cook operates completely autonomously as a financial operation. If Arcandor goes into administration, the 52% of our shares are likely to be retained by the banks, or they could be released on the open market.
“Whatever happens to Arcandor, it does not impact customers or staff at all.”
- Follow our ITT coverage at travelweekly.co.uk/itt2009
Blog posts
- ITT: Rumour mill begins to turn as Thomas Cook boss pulls out [Travel Weekly Blog]