Closure advisory: Holy Destinations Travel Inc.

Delay in decision on $3.9 million Gibralt claim: TravelBrands

TORONTO — TravelBrands is still waiting for the judge’s decision on the $3.9 million Gibralt claim.

The motion was heard before the court yesterday but the judge did not issue a decision, said TravelBrands CEO Zeina Gedeon. “We would expect a decision to be rendered later this week or early next week and – per our comments in the press release we issued on Nov. 30, 2015 – we remain confident in our position. We will provide a formal update following the decision.”

Last month the Ontario Superior Court of Justice ordered that the stay granted to TravelBrands be extended to Feb. 29, 2016. The extension allows TravelBrands to have its dispute with Gibralt Capital Corporation adjudicated by the Court. Gibralt Capital Corporation paid $3,750,000 to the trustee in bankruptcy in the bankruptcy of Skyservice Airlines Inc. and filed a last minute claim in the present CCAAB proceedings, claiming that it is entitled to indemnity by TravelBrands in the amount of $3,964,319.50.

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