The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Hotel / Restaurants Accommodation And Food Service Activities Accommodation 55.1 - Hotels and similar accommodation
400 jobs Number of planned job losses
Announcement Date
18 July 2014
Employment effect (start)
3 November 2014
Foreseen end date
Description
On 3rd November Le Meridien hotel in Limassol closed due to planned major refurbishment. Approximately 400 employees have been dismissed as redundant. Because the hotel will remain closed for a period of time longer than eight months, the owners of the hotel were legally entitled to recourse to personnel dismissals. Indeed, according to the media, the renovation works shall take up to 16 months.
Le Meridien Limassol Spa & Resort is owned and managed by L' Union Nationale (Tourism and Sea Resorts) Ltd. In October 2013, C.C.C. Tourist Enterprises Public Company Ltd., holder of the 50% of the issued shares of L' Union Nationale, signed an agreement for a share capital restructuring with Emerald Coast Properties Ltd., shareholders of the remaining 50% of Union. The deal entailed that Emerald, which is owned by Russian investors, would have hold at least 75% plus one share of the issued shared capital of Union. The significant capital increase of Union shall be invested in an extended renovation project with the aim to make the hotel one of the most prestigious and competitive in Eastern Mediterranean. Emerald undertook also the re-payment of Union debts by the Bank of Cyprus.
Sources
3 November 2014: Kathimerini
12 October 2013: Phileleftheros
18 July 2014: 24H.COM.CY
23 October 2013: SIGMALIVE
Citation
Eurofound (2014), Le Meridien, Closure in Cyprus, factsheet number 77785, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77785.
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