PARIS -- Club Mediterranee, owner of Club Med, announced it
plans to sell securities to raise $198 million in new capital.
Additionally, the firm said it will invest $240 million to finance
an overhaul of the resort chain.
Philippe Bourguignon, chairman of the Club Mediterranee
management board, said air-inclusive packages to certain Club Med
villages would be "significantly reduced."
Also, the company plans to merge its 24 Aquarius villages into
the Club Med line in April, he added. The company reported a $213
million loss in 1997.