Done Deal: TravelBrands Is Set To Emerge From Protection

Open Jaw

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.

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