TravelBrands, Ready To Leave Protection After Court Denies Gibralt Claim
nearly $4 million claim against TravelBrands has been ruled invalid by an
Ontario court and the company is now preparing to emerge
from protection under the province’s Companies’ Creditors Arrangement Act
are pleased that the Ontario Superior Court of Justice has ruled that the claim
from Gibralt Captial Corporation is invalid and has upheld TravelBrands’ denial
of this claim,” TravelBrands CEO Zeina Gedeon stated.
continues to move forward to exit CCAA via the Plan of Compromise or
Arrangement and has scheduled a Sanction Hearing for Thursday, 14JAN,” Gedeon
plan, which would see all affected creditors paid in full, was overwhelmingly
approved at a Meeting of Affected Creditors on 30OCT15.
Gibralt had claimed it
was owed over $3.9 million by Thomas Cook Canada, the former owners of
TravelBrands. Gibralt said it had paid most of that amount to the trustee in
the bankruptcy of Skyservice Airlines Inc. and filed a last minute claim in the
present CCAAB proceedings. Its court argument stated that liability should be
transferred to the current owners.
says more details regarding TravelBrands’ plans for exiting CCAA and expected
timelines will follow in due course. “Until then, it continues to be business
as usual for Travelbrands’ valued customers and partners,” Gedeon said.