Grupo Transhotel has submitted a Voluntary Company Arrangement to the competent authorities, in accordance with Article 5 bis Ley Concursal (Insolvency Act, Spain). This said Voluntary Company Arrangement provides Grupo Transhotel with a period of (3) three months (extendable by one further month), to negotiate with the different creditors to in order for the payment of debts incurred to date.
Anselmo de la Cruz, President of Grupo Transhotel said, “our primary and only objective is to ensure the viability of the company, minimise the maximum impact of these events within the industry, and to guarantee the rights of employees, clients, travellers and travel service providers that are relevant to us and our business activity. Talks with creditors, which have already commenced, are moving towards building an enabling situation for overcoming this Voluntary Company Arrangement.”
He goes on by saying, “The approximately 600 company employees in Spain and its 22 international delegations are fully aware of the situation and are currently carrying out their respective responsibilities in accordance with the established guidelines. I would like to personally convey my thanks for your continued support. My only wish is that everything returns to normal as soon as possible, as all our efforts are orientated towards this goal.”
In closing Anselmo de la Cruz stated “My only wish is that everything returns to normal as soon as possible, as all our efforts are orientated towards this goal.”
