Thomas Cook's main shareholder bankrupt

09.06.09

Arcandor, the German company that owns 52 percent of holiday company Thomas Cook, has filed for bankruptcy protection after the German Government rejected its request for loan guarantees. The company, which employs 70,000 people, had sought €650m (£561m) in guarantees because its loans need refinancing.

Arcandor said its bankruptcy filing covered German retailer Karstadt plus its mail-order businesses, but Thomas Cook was unaffected. A Thomas Cook spokesman had said the travel company was ‘completely ring-fenced’ from Arcandor, as the two companies were operationally and financially separate.

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