TravelBrands Receives Extension Of Stay Period To 17AUG
TravelBrands Inc. has obtained an extension of the
stay of proceedings, initially granted by the Ontario Superior court of Justice
under the Companies' Creditors Arrangement Act (CCAA) through 17AUG.
"We continue to make excellent progress
towards our desired outcome for this restructuring process, while ensuring that
our efforts in no way impact our valued wholesale and retail customers,"
said Frank DeMarinis, Chief Executive Officer of TravelBrands. "This stay
extension provides us with the necessary time to continue our ongoing,
productive discussions with key stakeholders, in pursuit of the optimal outcome
for our company."
As the Court-appointed monitor, KPMG will continue
to oversee the business and financial affairs of the company during the CCAA process.
Additional information regarding the Company's CCAA proceedings, including
court materials, will be made publicly available on the Monitor's website.
TravelBrands, which is described as a Canadian
'super-distribution' network comprised of 10 tour operator wholesale and 5
retail travel brands, says it will continue to provide further updates
throughout the process.