TORONTO, Sept. 28, 2015 /CNW/ - TravelBrands Inc. ("TravelBrands" or the "Company"), a leading Canadian 'super-distribution' network comprised of ten tour operator wholesale and five retail travel brands, today announced that it has received a Meeting Order and a Claims Procedure Order from the Ontario Superior Court of Justice (the "Court"). The Meeting Order will permit the Company to call a meeting of Affected Creditors to consider and vote upon a Plan of Compromise or Arrangement (the "Plan"). The Claims Procedure Order establishes a process for the identification and determination of Affected Claims. The Plan, the Meeting Order and the Claims Procedure Order are detailed in the Motion Record dated September 21, 2015 (available at www.kpmg.com/ca/travelbrands).
The meeting of Affected Creditors will take place at Osler, Hoskin & Harcourt LLP,
Suite 6300, 1 First Canadian Place, Toronto, Ontario, on October 30th, 2015, at
10:00 a.m. TravelBrands announced on September 21, 2015 that it had developed the Plan, which would see all Affected Creditors paid in full. Further details will be mailed to Affected Creditors in due course. Affected Creditors can call the following hotline for more information: 1-(855)-222-8084 (toll-free) or (416)-777-8040 (local).
The Court also granted an extension of the Stay Period, under the Companies' Creditors Arrangement Act (CCAA) up to and including December 11, 2015, which will allow for the continued smooth operation of the Company as it moves towards exiting CCAA.
The Court-appointed Monitor, KPMG, continues to oversee the business and financial affairs of the Company and supports the extension of the Stay Period. Additional information regarding the Company's CCAA proceedings, including court materials, are publicly available on the Monitor's website at www.kpmg.com/ca/travelbrands.
About TravelBrands Inc.
TravelBrands operates under several wholesale and retail brands, including, among others: Sunquest, BelAir Travel, Wholesale Travel Group, Last Minute Club, Holiday House, FunSun Vacations, Encore Cruises, Boomerang Tours, ALBATours, Exotik Tours, Intair, Network and Carte Postale.
SOURCE TravelBrands Inc.
For further information: Company: Frank DeMarinis, President, TravelBrands Inc., 905-283-6027; Media: English - Joel Shaffer, Longview Communications, 416-649-8006; French - Daniel Larouche, 514-286-4882