TravelBrands Inc. has obtained a second extension of the stay of proceedings from the Ontario Superior court of Justice under the Companies’ Creditors Arrangement Act (CCAA) lasting to Sept. 30.
According to officials, the company has also made significant progress in the discussions with its landlord at 75 Eglinton and is optimistic that it will be able to reach a mutually agreeable form of the settlement agreement in the near term.
The court-appointed Monitor, KPMG, continues to oversee the business and financial affairs of TravelBrands during this process. Additional information regarding the company’s CCAA proceedings, including court materials, are publicly available on the Monitor’s web site at http://www.kpmg.com/ca/travelbrands.
TravelBrands will continue to provide further updates throughout its restructuring process as developments warrant.