TORONTO — “Today 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 marketplace,” said TravelBrands CEO Zeina Gedeon, as the company announced in a statement that it had exited the Companies’ Creditors Arrangement Act (CCAA) proceedings.
A statement confirmed that TravelBrands had emerged from CCAA protection through the implementation of its Plan of Compromise or Arrangement which was approved by the Ontario Superior Court of Justice on Jan. 14.
The Plan, which was approved by creditors on Oct. 30, 2015, will see all creditors paid in full on or before Nov. 30, 2016, with first payments starting this month.
TravelBrands aligned its structure and emerges as an even leaner, stronger and more competitive company continuing to deliver exceptional products and services, added Gedeon.
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 kpmg.com/ca/travelbrands.