Restructuring events
European Restructuring Monitor (ERM)
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.
Lomaliitto, a company of subsidised hotel, spa, and fitness holidays, filed for bankruptcy on 8th of December 2009. More than 200 workers will be left without work, and many customers' holidays may be in jeopardy. Lomaliitto board chairman Timo Vallittu explains that the organisation simply ran out of money. "We did not have enough clients to cover the expenses", Vallittu says.
Lomaliitto has organised for example theme holidays and fitness courses for low-income families. Lomaliitto is subsidised by RAY (Finland's Slot Machine Association) and it further distributes the benefits to families based on social criteria.
Lomaliitto's best-known holiday resorts are Korpilampi in Espoo, Savonlinna's Spa Casino, Punkaharju's Valtionhotelli, and the Lapland spa hotel Ylläs-Saaga. Ylläs-Saaga will continue to function as normal, for there Lomaliitto has only acted as the operator of the business. The other resorts' operations are at stake, however. The bankruptcy estate will decide on their future. Lomaliitto's main creditors are Pension Fennia and the Nordea banking group. Those customers who have booked their holidays through Lomaliitto are urged by Timo Vallittu to wait until the estate has declared its decision on the matter.
Lomaliitto was launched in 1941. It was supported by the large trade organisations such as SAK, Akava, and STTK.
Eurofound (2009), Lomaliitto, Bankruptcy in Finland, factsheet number 70042, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/70042.
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