Thomas Cook owner bankrupt
09.06.09
Germany's Arcandor, which owns 52% of Thomas Cook, has filed for bankruptcy protection after the German Government rejected a request for loan guarantees. The company, which employs about 70,000 people, had sought €650m (£561m) of guarantees because about €600m of its loans need refinancing.
Arcandor said its bankruptcy filing covered German retailer Karstadt and its mail-order businesses. It added that Thomas Cook ‘will remain unaffected’. Last week, a Thomas Cook spokeswoman had said the travel company was ‘completely ring-fenced’ from Arcandor and that the two companies were operationally and financially separate.
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