×
774
Fashion Jobs
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Thanjavur
Permanent · Thanjavur
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Karjat
Permanent · Karjat
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Darjeeling
Permanent · Darjeeling
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Ankleshwar
Permanent · Ankleshwar
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Pali
Permanent · Pali
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Kurseong
Permanent · Kurseong
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Kumbakonam
Permanent · Kumbakonam
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Dausa
Permanent · Dausa
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Siana
Permanent · Siyana
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Tirupur
Permanent · Tiruppur
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Kashipur
Permanent · Kashipur
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Dibrugarh
Permanent · Dibrugarh
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Aurangabad
Permanent · Aurangabad
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Palitana
Permanent · Palitana
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Rajgir
Permanent · Rajgir
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Gandhidham
Permanent · Gandhidham
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Tirupati
Permanent · Tirupati
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Lonavala
Permanent · Lonavala
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Durgapur
Permanent · Durgapur
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Balasinor
Permanent · Balasinor
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Panhala
Permanent · Panhala
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Ranchi
Permanent · Ranchi
By
Reuters
Published
Aug 6, 2009
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Arcandor cancels August 10 meeting with bondholders

By
Reuters
Published
Aug 6, 2009

FRANKFURT, Aug 5 (Reuters) - Insolvent German tourism and retail group Arcandor (AROG.DE) has cancelled a meeting planned for Aug. 10 in Frankfurt with exchangeable bond creditors, the company said on Wednesday 5 August.


Photo: DPA

Arcandor said the move was due to a "surprising" statement on Tuesday 4 August by Bayerische Landesbank, which is collateral agent for the bondholders, that it transferred about 8 percent of Thomas Cook (TCG.L) shares into a trust deposit account.

"Those shares were pledged as security for the exchangeable bonds. Given the new situation the planned bondholders meeting at this point in time doesn't make sense," Arcandor said in a statement.

The company had previously held about 53 percent in Thomas Cook. With the transfer of the shares to Bayerische Landesbank, the lender is now likely responsible as trustee for any creditor meeting where bondholders would decide on what to do with the stake.

Arcandor, which filed for insolvency in June, had secured a 1.5 billion euro loan with a roughly 44 percent stake in Thomas Cook while the other 8 percent of the travel company's shares were used to back the convertible bond due to mature in 2013.

The bondholders' decision will tip the scales on a potential Thomas Cook sale. Banks of the German retail and tourism group need their backing to carry out a majority stake sale, which would be more lucrative than selling a minority stake.

(Reporting by Eva Kuehnen; editing by Karen Foster)

© Thomson Reuters 2022 All rights reserved.