Done Deal: TravelBrands Is Set To Emerge From Protection
The path for
TravelBrands to leave creditor protection is now clear.
A judge of the Ontario
Superior Court of Justice has granted all the approvals and other orders
requested by TravelBrands without any changes. During the hearing this week
there was no opposition from any creditors or other stakeholders.
The judge’s order
included the sanctioning of the 2nd amended and restated plan dated
08JAN16 and the authorizing of TravelBrands and the court-appointed monitor
KPMG to implement the plan.
The only significant
change in the 2nd amended and restated plan is moving the date when
affected creditors will receive at least 60% of their allowed claim from
31JAN16 to 29FEB16.
The judge also
approved the termination of the proceedings under the Companies’ Creditors
Arrangement Act following the implementation of the plan and ordered the
Discharge of the Monitor upon completion of the implementation of the plan.