Ivan Savvidi is ready to solve the problems that have arisen in the activities of the world famous travel company – he offers 30 million dollars for the acquisition of Mouzenidis Travel Greece.
Mouzenidis Travel Company announced temporary suspension of its activities from 18 to 26 June and has already extended this period until 31 July. In this regard, difficulties arose for her many clients. Due to the suspension of the tour operator more than 500 Ukrainians could not return home after vacation in Greece.
The incident was reported by the press service of the Ukrainian Ministry of Foreign Affairs. Foreign Minister Dmitry Kuleba is trying to solve the problem by mobilizing the resources of the diplomatic service. Currently, the task of resettling Ukrainian citizens in hotels and returning them to their homeland is being solved by the joint efforts of the Embassy of Ukraine in Athens, the Consulate of Ukraine in Thessaloniki, the State Agency for Tourism Development and tour operators.
The Ministry of Foreign Affairs of Ukraine reminds clients of Mouzenidis Travel: to control the authenticity of the purchased tour, in order to avoid such situations, it is imperative to contact the hotel. Extending the closing period, Mouzenidis Travel reported:
We are in a quandary and are forced to announce that the needs that prompted our company Mouzenidis Travel Greece to temporarily suspend their obligations have not yet been resolved.
Ivan Savvidi is ready to save Mouzenidis Travel Greece, which is experiencing serious financial difficulties, and to acquire the company for 30 million euros, Greek media reported. The funds will go to “debt restructuring and protection from creditors in accordance with the provisions of the new bankruptcy law 4738/20120.”
As you know, Ivan Savvidi, an entrepreneur and philanthropist, the owner of the Porto Carras hotel complex in the Sithonia region (Halkidiki), was a friend of Boris Mouzenidis, the founder of the Mouzenidis Group holding, who passed away on March 27 this year. According to leading Greek media outlets, in the summer of last year, Savvidi made two offers to Mouzenidis to acquire a controlling stake in the company. However, he rejected them, since at that time he was negotiating with banks.
The investor plans to direct resources, both in cash and in the form of guarantees, to replenish the working capital of Mouzenidis, to financial settlement: loan debts, obligations to suppliers. hotels and tourists.
There is no official information on the amount owed by Mouzenidis Travel Greece, experts estimate it at about 50 million euros. That is, Savvidi’s thirty million investment is clearly not enough to solve all financial problems. Insiders note the prevalence of liabilities to hotels in the structure of debt.
Debt restructuring assumes only freezing and, perhaps, partial repayment. There are absolutely no guarantees that hoteliers in a difficult situation due to the pandemic will agree to such conditions – they themselves are now in dire need of working capital. However, a well-thought-out restructuring scheme will allow the company to stay afloat and give hope to partners that they will receive regular payments on a regular basis, which can be guaranteed by a solid investor.
In addition, experts explain that freezing a tour operator’s debts is even beneficial to hoteliers, if we consider it from the point of view of VAT. After all, this tax will then have to be paid only from the actually received amounts, and not from the full volume of the proceeds provided for under the contracts, but not received.
Greek experts believe that Ivan Savvidi’s interest is not limited to the acquisition of Mouzenidis Travel Greece, which is the host structure. It would be beneficial for a businessman to gain control over the sending tour operators located in other countries, which are part of the structure of the Mouzenidis Group.