
A hearing at the commercial court this week is expected to put the French tour operator in bankruptcy. The procedure should facilitate its takeover.
The procedure should facilitate the group's takeover. After the withdrawal of HNA, which was then associated with the Selectour Afat network, the only offer on standby is that of the group Karavel, with which Fram has confirmed it is working on a takeover procedure. "Fram's management is working on a takeover deal with the management of Karavel and its shareholder LBO France," the company declared in a press release this Tuesday.
Once estimated at €800 million, the company created in 1949 accumulated loss making years and recovery plans. The sale of many assets, including the ownership of several Framissima hotel-clubs, did not allow it to clean up the situation and backing from a more powerful group became the only viable solution .
Created in 2000, Karavel is a company that specializes in the online sales of holiday packages; it is 75% owned by the fund LBO France since 2011. In 2001 the group acquired Promovacances which became its primary brand.
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