There are few
details at this time, but TravelBrands is informing trade partners that it has
reached a new agreement with Sears Travel.
comprised of ten tour operator wholesale and five retail travel brands, sought
protection Companies' Creditors Arrangement Act (CCAA) on 27MAY. Its deal with
Sears Travel, as well as the expensive lease on a downtown Toronto office
building were cited as two of the major factors behind the company seeking
recently obtained an extension of the stay of proceedings, granted by the
Ontario Superior court of Justice, to 17AUG, 2015.
At the time,
CEO Frank DeMarinis said: "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.
KPMG is the court-appointed monitor. Word is that it will issue a new
report on the company’s situation within a few days.