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
150 jobs Number of planned job losses
Announcement Date
30 August 2011
Employment effect (start)
Foreseen end date
Description
Hospitality and leisure group Orizon, which operates the luxury resort of Campo Real in Torres Vedras, was declared insolvent by the local court which should now appoint a judicial administrator. This decision will result in 150 job cuts.
The main creditors of the company are reportedly the banks Caixa Geral de Depositos, Banco Espirito Santo and Millennium BCP together with Turismo de Portugal.
The resort attracted an investment of EUR 170mn comprising of a 151 room hotel, SPA, golf course and 371 houses. The second phase of the development entailed an investment of EUR 100mn and included the construction of another 343 villas.
Sources
30 August 2011: Diário Económico
Citation
Eurofound (2011), Orizon, Bankruptcy in Portugal, factsheet number 72486, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72486.
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