Thomas Cook India posted a statement on its website on Tuesday reassuring customers that it was not part of the British company after being acquired in 2012. The Dutch Thomas Cook subsidiary said it had not yet declared bankruptcy and so was open for business as usual.
A Chinese subsidiary of Thomas Cook, which caters largely to Chinese tourists traveling abroad, said on Monday that its operations would not be affected by the bankruptcy of the parent company.
The subsidiary, Thomas Cook China, said online that it “regretted” the bankruptcy of the British company, and added that Thomas Cook China “has healthy finances, has not been affected by this matter, and all its operations continue as normal.”
The Chinese unit is a Shanghai-based joint venture between the Thomas Cook parent company and a Chinese majority shareholder, Fosun, a corporation that has invested heavily in tourism. Earlier reports said Fosun owned 51 percent of the joint venture, with the other 49 percent in the hands of the Thomas Cook parent company.
As well as operating the joint venture with Thomas Cook, the Fosun Group has been a major shareholder in the now bankrupt British company. In previous months Fosun had proposed a rescue deal that would have given it a 75 percent stake in the tour division of Thomas Cook, but the plan failed to gain enough support from other stakeholders in the company.
Fosun said in a statement to Agence France-Presse that it was “disappointed.” Shares of units of Fosun listed in Hong Kong, Fosun Tourism and Fosun International, have fallen this week, reflecting investor disquiet about damage to the Chinese group’s international ambitions and financial health.