Arcandor on Wednesday insisted it had no immediate plans to hand over its controlling stake in Thomas Cook to creditor banks, following the German retailer’s insolvency, setting the stage for a potentially drawn-out battle over the fate of its shareholding in the UK-listed tour operator.

Arcandor became one of Europe’s largest non-banking failures during the financial crisis when it filed for protection from its creditors on Tuesday. On Wednesday Karl-Gerhard Eick, chief executive, and the management board met Klaus Hub­ert Görg, the administrator, before briefing the company’s 200 top executives on the insolvency process.