TravelBrands on Track to Emerge From CCAA Protection
TravelBrands Inc. is making progress in its efforts to emerge from CCAA Protection.
The company has filed documents with the Ontario Superior court of Justice detailing significant progress it has made towards emerging from Companies’ Creditors Arrangement Act (CCAA) protection, including the development of a Plan of Compromise that would see affected creditors paid in full.
TravelBrands has also reached a settlement with the landlord of 75 Eglinton Ave., which will be memorialized in an agreement that is currently being discussed between the relevant parties and will be executed in the near term. The agreement will provide for the settlement of claims and potential claims of the landlord against TravelBrands and related parties.
Officials note that having reached agreements with stakeholders regarding the most pressing legacy issues associated with the company’s CCAA filing, TravelBrands is now better positioned to compete and flourish over the longer term.
TravelBrands also announced that it has developed a Plan of Compromise that would see all affected creditors paid in full.
“We have made outstanding progress, that would not have been possible without the constructive efforts of the associated parties,” said Frank DeMarinis, president and former co-CEO, TravelBrands. “We are on a path to emerge from CCAA protection as a stronger, more competitive company. I’m equally pleased that we have reached this point while maintaining the same service levels that our customers have come to expect from us.”
The company is seeking an extension of the Stay Period up to and including Dec. 11, which will allow for the continued smooth operation of TraveBrands’ business as it moves towards exiting CCAA.
TravelBrands operates under several wholesale and retail brands, including, among others: Sunquest, BelAir Travel, Wholesale Travel Group, Last Minute Club, Holiday House, FunSun Vacations, Encore Cruises, Boomerang Tours, ALBATours, Exotik Tours, Intair, Network and Carte Postale.