Tour operator Vacansoleil on the verge of financial disaster

The Dutch excursion operator Vacansoleil is in serious monetary difficulties. The tenting vacation issuer has asked a deferment of charge, which is often a harbinger of financial disaster.

The organization says it has constructed up a massive debt burden in the beyond. After the outbreak of the corona pandemic, sales of camping vacations collapsed and the corporation had to raise extra financing. Now that interest quotes have risen sharply, that mountain of debt has turn out to be unsustainable. High inflation also precipitated Vacansoleil problems, reviews the company, which employs 3 hundred personnel.

Every year, round 1/2 one million human beings go on holiday thru Vacansoleil, based in 1969. In the occasion of financial ruin, customers who have made a down fee probably have a danger of compensation. The enterprise is affiliated with the Dutch Travel Guarantee Fund Foundation (SGR), which reimburses clients of journey businesses within the occasion of financial ruin.

According to a company spokesperson, many debts date from the length earlier than the corona crisis. Then Vacansoleil suffered losses for numerous years in a row. A reorganization turned into intended to enhance matters, however the pandemic again led to economic problems.

“We made a income this year and remaining yr, on an operational level. But that’s for interest payments. You have to pay the interest prices from the past from that earnings,” the spokesperson explains.

An uncertain length is starting for the 3 hundred employees of Vacansoleil. The goal is for an administrator to work with the organization’s control to decide what destiny alternatives still exist.