Business Daily from THE HINDU group of publications
Thursday, Jun 11, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Thursday, Jun 11, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
|
|
|
|
|
Corporate
-
Announcements Arcandor insolvency won’t impact Thomas Cook 
Our Bureau Mumbai, June 10 Thomas Cook India’s operations will remain unaffected by the changes in the shareholding of its promoters Thomas Cook Group Plc, UK. Arcandor AG, the German retailer which holds 52.8 per cent in the travel and tourism company, declared insolvency on Tuesday. Thomas Cook Group Plc’s holding in its Indian arm is 77.32 per cent. In a statement sent to stock exchanges, the UK parent said, “Today’s announcement will have no impact on customers and is not expected to result in any adverse effect on any of the contractual arrangements of the Thomas Cook Group”. Trading balances owed by the Arcandor Group to the Thomas Cook Group arising in the ordinary course of business are less than £1 million, the statement added. “There are no non-trading balances owed by the Arcandor Group to the Thomas Cook Group. “There are no cash pooling arrangements between the Thomas Cook Group and the Arcandor Group, and the Thomas Cook group has not guaranteed any obligations of Arcandor,” it company said in a clarification. On the likely impact of this development globally and in India, a company spokesperson said in an e-mail response, “It will not impact or make any change to Thomas Cook’s overseas operations. Thomas Cook is completely independent and ring-fenced from Arcandor. It is business as usual at Thomas Cook and its Indian business.” More Stories on : Announcements | Financial Services
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2009, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|