TravelBrands Settles With Landlord, On Track To Leave Protection

Open Jaw

TravelBrands has filed documents with the Ontario Superior Court of Justice that detail the progress it has made towards emerging from Companies' Creditors Arrangement Act (CCAA) protection, including creating a plan that would see affected creditors paid in full.


The company announced that it has entered into a settlement with the landlord of Thomas Cook Canada’s former headquarters at 75 Eglinton Avenue E. in Toronto, which it says will be executed in the near term.


“Having reached agreements with stakeholders regarding the most pressing legacy issues associated with the Company's CCAA filing, TravelBrands is now better positioned to compete and flourish over the longer term,” the company said in a statement.


TravelBrands also announced that it has developed a ‘Plan of Compromise’ that would see all Affected Creditors paid in full. Affected Creditors can call the following hotline for more information: 1-(855)-222-8084 or (416)-777-8040.


"We have made outstanding progress that would not have been possible without the constructive efforts of the associated parties," said Frank DeMarinis , President and former Co-CEO, TravelBrands. "We are on a path to emerge from CCAA protection as a stronger, more competitive company. I'm equally pleased that we have reached this point while maintaining the same service levels that our customers have come to expect from us."


"I want to thank our employees and external partners for their unwavering support throughout this process. We are excited to move forward with a strong and reinvigorated TravelBrands led by our new CEO, Zeina Gedeon."


TravelBrands has asked for an extension of the Stay Period up to and including 11DEC15, which it says will allow for the “continued smooth operation of TraveBrands' business as it moves towards exiting CCAA.”

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