Canada 3000 Holidays bankruptcy update



    $758,000 available to would-be Canada 3000 Holidays vacationers remains
    unclaimed six years after ceasing operations

    VANCOUVER, Nov. 21 /CNW/ - Six years after Canada 3000 Holidays ceased
operating due to bankruptcy, approximately $758,000 being held for refund to
ticket holders who did not get their vacations remains unclaimed, according to
PricewaterhouseCoopers, Inc. (PwC), the court-appointed Judicial Trustee for
Canada 3000 Holidays. These funds are held in trust by PwC for distribution to
legitimate claims holders of Canada 3000 Holidays, also known as C3 Aventure
Limitee/C3 Leisure Limited. These funds are not available to claims against
other entities that were part of the bankrupt Canada 3000 group.
    People in the target provinces with legitimate claims for a refund from
Canada 3000 Holidays were issued a claim reference code beginning with the
letter "V". Refund claims against other Canada 3000 entities were given
reference codes beginning with different letters.
    PwC has successfully processed about 40,000 refunds to customers of the
former Canada 3000 Holidays since November 2001, refunding 100 cents on the
dollar. Mail and cheques to about 2,700 legitimate claimants have been
returned as undeliverable. These are people who have likely moved or changed
their name and have not been successfully tracked down. As Judicial Trustee,
PwC would like to get these funds into the hands of the people who paid for
vacation travel that was never realized.
    The list of people with unsettled claims is posted to PwC's Web site at:
www.pwc.com/brs-canada3000. People on this list are urged to contact the
Canada 3000 Holidays Claim Centre toll-free number at: 1 (888) 689-8233.

    
    Background
    ----------
    -   Summary timeline:

           Nov. 8, 2001 - Canada 3000 Airlines grounds its planes.

           Nov. 9, 2001 - Canada 3000 Airlines and related entities cease
           operations.

           Nov. 16, 2001 - Canada 3000 Holidays files for bankruptcy.

           Nov. 22, 2001 - The British Columbia Court appoints PwC as
           Judicial Trustee of Canada 3000 Holidays.

           April 30, 2002 - Deadline for Canada 3000 Holiday ticket holders
           to file a claim for refund.

           Nov. 2002 - The courts authorize payment of $0.40 on the dollar of
           proven claims against Canada 3000 Holidays.

           April 6, 2004 - The courts authorize a further distribution of
           $0.10 on the dollar of proven claims.

           Dec. 9, 2005 - The courts authorize PwC, as Judicial Trustee, to
           pay 100% of all proven claims against Canada 3000 Holidays.

    To arrange an interview with a PwC spokesperson to discuss this update or
the claims process, please contact: Jim Nelson, PwC, at (604) 806-7047.
    





For further information:

For further information: Jim Nelson, PricewaterhouseCoopers, (604)
806-7047, jim.nelson@ca.pwc.com

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