TravelBrands Inc. has exited the Companies’ Creditors Arrangement Act (“CCAA”) proceedings through the implementation of its Plan of Compromise or Arrangement which was approved by the Ontario Superior Court of Justice on Jan. 14, 2016.
The Plan, which was overwhelmingly approved by creditors on Oct. 30, 2015, will see all creditors paid in full on or before Nov. 30, 2016, with first payments beginning this month.
Joe DeMarinis, president of TravelBrands, commented: “We are thrilled to emerge from CCAA as a stronger, more competitive company, poised for success.”
DeMarinis continued: “We are extremely appreciative of the continued support from our customers, partners, and employees throughout this process, and we look forward to continuing to deliver exceptional products and service over the long term.”
According to Zeina Gedeon, CEO of TravelBrands, the exit from CCAA “marks a defining moment for TravelBrands and I am confident our partners, clients and especially our employees will continue to see a strong, revitalized tour operator that remains a leader in the Canadian market place.”
Additional information regarding the Company’s proceedings under the CCAA, including Court materials and the Plan, are publicly available on the Monitor’s website at http://ww.kpmg.com/ca/travelbrands .