Italian tour operator Valtur said this month it was seeking protection from creditors following a slump in tourism in Italy this summer as well as political upheaval in north Africa where it operates.

Valtur said in a statement that its restructuring plan would ensure “corporate continuity and the safeguarding of jobs” but sell off non-core assets and holidayvillages for a value of €110 million.

It employs more than 4,000 people and has 22 holiday villages in Italy and abroad including in Egypt and Tunisia, where tourist numbers are sharply down due to the revolutions there this year and the ongoing conflict in Libya.

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