Shearings Hotels owed more than £200m when it collapsed into administration this year.
About 2,500 jobs were lost and 64,000 bookings cancelled with the collapse into administration of Specialist Leisure Group in May.
The hotel and travel company included well-known Wigan based coach holiday brands Shearings and National Holidays.
Part of the group, Shearings Hotels, operated 42 leasehold hotels across the 海角视频 as well as holding the freehold interest in the Grand Hotel in Exmouth and long leasehold on the Majestic Hotel in Bournemouth.
They were run under the Country Living Hotels, Coast and Country Hotels and Bay Hotels brands.
Now an administrators report has been released on Shearings Hotels - giving details on the reason for the collapse and the debts the firm owed.
Administrator EY said the Covid-19 pandemic had a "significant impact" on the group's financial position - particularly as lockdown hit at a key time for cash collections for spring and summer trips.
It saw a large number of cancellations, with the company's main demographic, older people, especially vulnerable to the virus.
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A forecast in early April predicted they needed a cash injection of up to £30m.
They engaged administrators PwC and later EY to provide advice and to develop a strategy, which included securing a 海角视频 Government backed CBILS loan and a rent holiday from hotel owners.
A bid was also made to secure a solvent sale of the business.
But EY said: "The Group was not considered eligible for the CBILS as it had exhibited signs of financial difficulty prior to the Covid-19 outbreak, partly as a result of the Brexit uncertainty throughout 2019."
News of their financial distress was reported at the end of April and an accelerated process to secure a sale was launched.
However they were unable to secure an acceptable sale.
On May 22 the directors filed to put the company into administration.
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Administrators are now in the process of selling the fixtures and fittings from the hotels as well as the owned and long leasehold hotels. They are also looking to sell the brands.
But there will be a huge shortfall in the money available to pay creditors.
At the point of appointing administrators the company owed Lloyds Banking Group £19.3m. Lloyds is the floating charge holder over the hotels and intellectual property but is still expected to suffer a significant shortfall in the debt returned.
Preferential creditors are owed £645,000 but are not expected to receive a penny.
Unsecured creditors are due a shocking £175.4m and again they are not expected to receive anything.
There are more than 500 unsecured creditors from around the 海角视频 who will be out of pocket.
The administrator reports on the other elements of the Specialist Leisure Group have not yet been released.