Despite opposition from Michel Ohayon’s main creditor, the Bank of China, for over 200 million euros, the Bordeaux Commercial Court deemed the businessman’s continuation plan for the Grand Hôtel de Bordeaux, the Trianon Palace in Versailles and the Sheraton in Roissy to be viable.
This is good news for Michel Ohayon’s group, which is in the throes of economic and legal turmoil. According to Afp, on Monday March 4, the Bordeaux Commercial Court validated the recovery plan for the three luxury hotels owned by the businessman – the Grand Hôtel de Bordeaux (InterContinental), the Trianon Palace in Versailles and the Sheraton Hotel at Roissy airport.
As far as the Bordeaux businessman’s hotel portfolio is concerned, Bank of China, the main creditor of FIB (Financière Immobilière Bordelaise), Michel Ohayon’s holding company, was not successful. The latter had demanded the liquidation of the subsidiaries owning the three hotels.
However, the court ruled that the recovery plan was economically viable and provided sufficient guarantees for the repayment of liabilities over a four-year period.
A large loan from the Bank of China, not repaid
From 2014 to 2017, FIB borrowed 201 million euros from the Bank of China to purchase, via subsidiaries, the walls of the three famous hotel establishments. These are now valued at over 500 million euros.
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Read also > GALERIES LAFAYETTE: MICHEL OHAYON’S PARK POSTPONED UNTIL MARCH 20
Featured photo: © Trianon Palace Versailles
