TORONTO — TravelBrands monitor KPMG Inc. has sent an e-mail that appears to be addressed to the known Affected Creditors of TravelBrands Inc. attaching correspondence from TravelBrands which it described as being sent in connection with TravelBrands Inc.’s proceedings under the Companies’ Creditors Arrangement Act.
The attached correspondence is titled ‘Update regarding Plan to provide 100% recovery to Affected Creditors of Travelbrands’. It refers to the company’s press release announcing that TravelBrands has made significant progress and is now taking the steps necessary to emerge from protection under the Companies’ Creditors Arrangement Act and refers to its Plan of Compromise which if approved “would see all Affected Creditors paid in full”.
The plan appears at kpmg.com/ca/travelbrands.
The correspondence then advises that creditors may have received offers to buy their claims against TravelBrands at substantial discounts and warns “while receiving such an offer is common in restructuring proceedings, we remind you that the Plan provided that all Affected Creditors will be paid in full”.
Creditors are also warned that these offers may contain misinformation regarding TravelBrands and further advised “Travelbrands is not bankrupt, more importantly TravelBrands is poised to emerge from CCAA protection financially stronger, more competitive and well-positioned for the future”.
Finally, Affected Creditors were asked to submit their vote in favour of the Plan as soon as possible and prior to the creditors’ meeting scheduled for Oct. 30, 2015.
The meeting of Affected Creditors is scheduled to take place at the offices of Osler, Hoskin & Harcourt LLP, Suite 6300, 1 First Canadian Place, Toronto on Oct. 30, 2015 at 10 a.m.
Affected Creditors with any questions were welcomed to contact the following hotline: 416-777-8040, 1-855-222-8084, fax: 416-777-3364, e-mail: firstname.lastname@example.org or to visit: kpmg.com/ca/travelbrands.