8325919 Canada Inc., formerly operating as itravel2000, has filed a Notice of Intention to make a proposal under the Bankruptcy and Insolvency Act (Canada).
It’s reported that a Notice to Creditors was sent to creditors last week, with Richter Advisory Group Inc. acting as Trustee. All proceedings against the company have been stayed.
A list of creditors with claims of $250 or more was also included in the claim and include Adelhanham Canada Acquisition Corp., which is owed more than $10.8 million, and Elleway Properties Limited owed approximately $10.3 million. Also listed are employees owed approximately $222,000.
Last month, Red Label Holdings Inc., parent company of TravelBrands and Redtag.ca, reported it had reached an agreement to acquire itravel2000.