Brief: French holiday group Pierre & Vacances: in talks with creditors, suspending some rent payments for partners

Pierre Et Vacances SA

15/02/2021 07:36

Feb 15 (Reuters) - Pierre et Vacances SA  PVAC.PA :
    
    * Given the lack of visibility on a way out of the crisis,
there is no current way of predicting a timeframe for the
reopening of the Residences and Domains.
    * In this context, an amicable conciliation procedure was
opened by the President of the Paris Court of Commerce, at the
Group’s initiative on 2 February 2021. This preventive, flexible
and consensual procedure aims to result in amicable solutions
with our main partners.
    * Indeed, under the aegis of the conciliator, the Group is
to approach its various partners, lessors and creditors, with a
view to undertaking amicable discussions aimed at drawing up
mutual solutions.
    * Under this framework and pending reopening authorisations
as well as decisions by state authorities concerning
compensation actions led by the French National Tourism
Residences Syndicate (Syndicat National des Résidences de
Tourisme), the Group temporarily suspends rental payments for
partners concerned by the conciliation.
    * The Group is confident in its ability to bounce back as
soon as its residences and domains can reopen.
Source text for Eikon:  ID:nBw4B6mgva 
Further company coverage:  PVAC.PA 

 (Reporting by Sudip Kar-Gupta)
 ((sudip.kargupta@thomsonreuters.com;))