The Holy Spirit Hotels, holding that by Rioforte controlled the Tivoli hotels, was declared insolvent by the Court of Lisbon Commerce. The communication of the judgment handed down Monday, is given a period of 30 days to creditors complained credits. The creditors’ meeting is scheduled for September 8.
According to the notice available at Citius, an insolvency plan can be approved “for the payment of claims for insolvency, the mass settlement and the breakdown of the holders of those claims and the debtor.” May tender the trustee (Amadeu Magalhães), the very Holy Spirit Hotels (ES Hotels) or any lender that represents a fifth of the total credits. The debts are cleared of 106 million euros and Montepio Geral is the largest creditor, with about 60 million euros.
The process of holding held separately from the Hotels Tivoli SA and Marinoteis, which directly manage the hotel units and have approved recovery plans. They, moreover, with the investment of Thai Minor Hotel Group (MHG). The ES Hotels owns 100% of these companies, in turn, has as its sole shareholder insolvent Rioforte Investments, part of the Espírito Santo Group (GES).
The collapse of GES picked up the Tivoli Hotels the process of negotiation for the sale of its assets. Being in a difficult economic situation and predict in the short term, “serious difficulties” to meet their obligations, decided to proceed with a Special Process Revitalization (PER), approved by a large majority of lenders – who this company owes more EUR 176 million. MHG will pay 82.5 million euros for the credits and you assume the current liabilities 69 million, recently reported the Economic Daily . The hotel company is still waiting for approval of the PER
However, after nine years ahead of Tivoli Hotels & amp.; Resorts, Alexandre Solleiro will leave the administration. In an internal statement that PUBLIC had access, the manager thanks the workers’ collaboration and trust “that” kept the team together in difficult times experienced in recent months. ” Solleiro will embrace “a new course in another continent” and shall be terminated during the second half of July.
In the letter dated June 18, the administrator stresses that ended two steps “decisive” for the future of the company: the approval of the recovery plans by the creditors and the signing of agreements with Minor. “Lack complete the final step is the approval of PER and its res judicata”, details.
It was in the 1990s that the GES invested for the first time in the hotel. Bought three hotels in Lagos, Carvoeiro and Vilamoura marina and expanded the network to Lisbon, Sintra and Coimbra. Brazil also entered the company’s portfolio, with a hotel in São Paulo and resort in Praia do Forte, in Salvador de Bahia. In total, 14 units held three thousand rooms.
Rioforte has sold the ES Travel (owner of Top Altlântico) to Springwater Capital by a not known value and got rid of part of the capital of the Holy Spirit Health, sold to Chinese Fosun by 134.2 million euros.
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