This COVID-19 crisis has brought Club Med’s activity almost to a standstill for 3 months. Last April, for the first time in its 70th year history, all resorts were temporarily closed.
In this unprecedented context, Club Med decided to adapt extremely fast to protect its clients, teams and cash situation, and to be ready to rebound once the pandemic is under control.
Alongside the many deep financial actions taken to protect its cash position and P&L, Club Med, with the support of Fosun Tourism Group, has completed a financing scheme, aiming at securing its liquidity to face the COVID-19 crisis and preparing itself to swiftly restart operations.
The €180 million Term Loan facility guaranteed by the French State ("Prêt Garanti par l’Etat") will be guaranteed for 90% by the French State via BPI France for a 6-year duration. Fosun Tourism Group as an active and supportive shareholder, granted an additional €80 million shareholder loan.
These financing provided by French financial partners of Club Med (Arkea, BNP Paribas, Groupe BPCE, Groupe Crédit Agricole, Groupe Société Générale and HSBC) and Fosun Tourism Group.