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Vacansoleil has been declared bankrupt by the East Brabant court, the travel organization reports. The bankruptcy follows the deferment of payment that the company requested on Tuesday. According to Vacansoleil, the staff is working on “tailor-made solutions” for customers who are currently or are still going on holiday.
“For most Vacansoleil customers, the bankruptcy means that they can claim compensation from the SGR (Stichting Garantiefonds Reisgelden),” the company continues. This also applies to Belgian customers, they also have to knock on the door in the Netherlands.
Vacansoleil got into trouble because the company said it had built up a large debt burden in the past. After the outbreak of the corona pandemic, sales of camping holidays collapsed and the company had to raise additional financing. Now that interest rates have risen sharply, that mountain of debt has become unsustainable. High inflation also caused difficulties for Vacansoleil.
A lot of interest
The judge has appointed Ben Arends and Lodewijk Hox as curators. “We notice that there is a lot of interest in the company and the market it serves,” says Hox. “In addition to the attention for employees and customers, we focus our attention on a possible restart. Without forgetting the importance of the creditors, because they also deserve our attention.”
Vacansoleil employs three hundred people.