All Creditors To Be Paid In Full As TravelBrands Leaves Protection
As announced by CEO Zeina Gedeon on the Open Jaw Pink Couch yesterday TravelBrands Inc. has exited the Companies’ Creditors Arrangement Act (“CCAA”) proceedings and says that all creditors will be paid in full by 30NOV16.
“We are thrilled to emerge from CCAA as a stronger, more competitive company, poised for success,” said Joe DeMarinis, President of TravelBrands.
“We are extremely appreciative of the continued support from our customers, partners, and employees throughout this process, and we look forward to continuing to deliver exceptional products and service over the long term.”
The company’s go-forward plan, which was approved by creditors on 30OCT15, will see all creditors paid in full on or before 30NOV, with 1st payments beginning this month.
Additional information regarding the Company’s proceedings under the CCAA, including Court materials and the go-foward plan, are publicly available on the website of KPMG, the court-appointed monitor. KPMG was discharged as monitor upon implementation of the plan.