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Administration threat for Thomas Cook owner
9.45am: The German majority owner of Peterborough based travel firm Thomas Cook has warned it could go into administration within weeks unless it gets emergency loans.
9.45am: The German majority owner of Peterborough based travel firm Thomas Cook has warned it could go into administration within weeks unless it gets emergency loans.But both the German government and the European Commission that state aid will not be forthcoming for Arcandor because the firm is ineligible as its troubles pre-date the global recession.
But a spokeswoman for Thomas Cook, which employs about 2,000 people at its headquarters in Bretton, Peterborough, said Arcandor's troubles are not expected to affect the travel firm.
She said it was "completely ring-fenced" from Arcandor.
Arcandor owns a 52.8 per cent stake in Thomas Cook, which is listed on the London Stock Exchange.
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Friday 10 February 2012
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