payment efforts for 75 percent of the payments belonging to the period have been initiated.
Within this framework, a regional study was first carried out in Bodrum by the initiatives of GETOB (Güney Ege Turistik Otelciler Birliği), and subsequently in Alanya by our association. As ALTİD, it was ensured that meetings with the company officials of our regional hotels were held in Alanya. On July 29, 2008, a meeting was organized at our association's service building between 25 hotel officials from Alanya and officials from Onholiday Group-Hotelbeds Antalya (Joen Packen, Peter Redwood, and Arzu Halley). As a result of these meetings, 75% of the agreed 68,000 GBP regarding the period from May 1 to June 25 will be paid to the relevant facilities starting from August.
This operation is valid only for the customers of On Holiday Group and does not cover the debts of other tour operators represented by Vasco. It is a consensus based on the following terms of On Holiday Group:
a) The hotelier is obliged to declare the original Vasco contracts and to implement the hotel prices, sales-marketing contribution ratio, early booking discount conditions, and other existing conditions in the agreement exactly as they are.
b) Vasco payments realized for the months of May and June shall be declared and deducted from the receivables upon reaching reconciliation. (Together with photocopies of invoices, On Holiday vouchers, and all other necessary documents.)
c) It is mandatory to accept On Holiday’s existing and upcoming reservations. These reservations must be accepted at the rates (terms) previously established between hoteliers and Vasco. However, payments can be collected under these terms.
d) Hotels that intentionally apply overbooking to OHG's customers will be excluded from this plan.
The receivables problem of our hoteliers in the Vasco UK branch has been resolved in its form.