Mauritius | Hospitality

September 08, 2013

Le Flamboyant Hotel Saved By The Union-Beau-Vallon Group

Rs 377 million. This is the amount to which Le Flamboyant was acquired by the "Southern Cross Tourist Co Ltd", controlled by the Union-Beau-Vallon group company. An agreement was reached Monday, September 2.

After thirteen months of negotiations between the Southern Cross Tourist Co Ltd ( SCTC ) , the Blue Horizon Hotel Ltd ( BHHL ), which manages the hotel Le Flamboyant , and the accounting firm PricewaterhouseCoopers ( PwC) , an agreement was reached Monday, September 2 .
The hotel , located in the Belle -Mare , was bought at a price of Rs 377 million by the SCTC , a subsidiary of Union -Beau -Vallon group. This will allow the SCTC to strengthen its presence in the tourism sector , since it already owns Le Preskil .
Asked Thierry Merven , Chief Executive Officer of Union -Beau -Vallon group , confirmed the transaction. It all began in 2011 when BHHL , a subsidiary of the Italian tour operator Valtur , finds himself in financial difficulties in the wake of the economic crisis. In October 2011, three special commissioners are appointed by the Italian government to find a solution to Valtur .
 PwC is approached by the board as a consultant BHHL . The objective is to find a solution for the operations of Flamboyant . In discussions between commissioners and consultants PwC , the decision is made to initiate a compromise under Article XVII of the Companies Act 2001. This procedure , rarely used , has prevented the liquidation of BHHL but requested financial efforts on the part of all . Indeed , the procedure required in a first step, a public tender under the supervision of PwC. But the best offer received was insufficient for full payment of debts. Hence the need to deal first with the secured creditors (banks and Mauritius Revenue Authority)
. In Mauritius , some creditors Hotel Belle- Mare threatened to put the company into liquidation. This would have a negative impact on the commercial value of Flamboyant . Unsecured creditors agreed to have their debts before October 2011 are frozen until a solution is found. They finally agreed to remove 80% of these debts. In total, 51 people are employed by BHHL . They have a new contract with the SCTC , but retain their service time . These employees had agreed to be on leave without pay since May 2013 pending the resumption of the hotel. "We are pleased to have come to this compromise and especially to be able to preserve jobs .
We want to acknowledge the efforts of all - privileged creditors , employees and ordinary " creditors, says André Bonieux , Senior Partner at PwC. The PwC team also included Basgeet Rajeev , director , and Rajen Poonisamy , Department Manager Business Recovery Services.

Text by lexpress.mu
 

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