Thomas Cook chief executive Manny Fontenla-Novoa has moved to reassure the industry and staff that the current financial plight at its majority stakeholder will not affect the business.
In a letter sent to the Institute of Travel and Tourism, apologising for the last-minute cancellation of his appearance at this week’s ITT Conference in Dubai, Fontenla-Novoa said a decision is expected “early this week” about the future of Arcandor.
He added: “It would be inappropriate for me to add to the media and industry speculation at this time, but I can tell you that, while this is a very uncertain time for our friends at Arcandor, it’s very much business as usual at Thomas Cook.”
Arcandor yesterday had its bid for a €650 million loan guarantee rejected by the German government. It is still waiting for the result of a request for €437 million credit.
Fontenla-Novoa stressed that Arcandor had “always been a very supportive shareholder and it values its stake in Thomas Cook very highly”.
“But our businesses are entirely independent, both operationally and financially,” he said.
“We are a stand-alone company, listed in our own right on the London Stock Exchange and, as such, are completely ring-fenced.”
- ITT: Rumour mill begins to turn as Thomas Cook boss pulls out [Travel Weekly Blog]