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The French tourism giant Pierre et Vacances is crumbling under a debt of nearly one billion euros. The company must also settle a dispute with the co-owners of the apartments.
Christophe Lecerf thought he had made the investment of a lifetime. 300,000 euros to afford a Center Parcs cottage, with the promise of receiving 1,200 per month. The payments were stopped dead with the first confinement. After months of negotiations, the group proposes to the owner to pay him only 11 of the 16 missing rents, unacceptable according to him. “These are carpet merchant negotiations. Rents are due and must be paid.” , believes Christophe Lecerf.
By the sea, at the foot of the slopes or in the heart of nature, like him, the owners of Pierre et Vacances accommodation have received the same proposal. Many people would accept it to limit damage. But for the lawyer of 400 plaintiff landlords, the concern goes beyond unpaid rents. “How will we be treated in a few weeks if we accept now?”, asks Me Benjamin Cabagno. With the health crisis, the Pierre et Vacances group would have lost nearly 800 million euros. An avoidable financial peril according to management, provided that at least 85% of owners agree to waive five rents. The owners concerned have until December 2 to provide their response.
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