Arcandor has loan guarantee rejected by German government
Thomas Cook shareholder Arcandor has had its bid for a €650 million loan guarantee rejected by the German government.
However, the German retail and travel group is still waiting for the result of a request for €437 million credit.
Arcandor, which owns 52% of Thomas Cook, had said it would have to file for bankruptcy if its request is knocked back. German finance minister Peer Steinbrueck told a German television station that "bankruptcy is not totally excluded".
A Thomas Cook spokeswoman told Travel Weekly the collapse of the company would not impact UK staff or customers.
She said: "Thomas Cook operates completely autonomously as a financial operation. If Arcandor goes into administration, the 52% of our shares are likely to be retained by the banks, or they could be released on the open market."
She said: "Whatever happens to Arcandor does not impact customers or staff at all."