TORONTO, June 24, 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, announced today that it has obtained an extension of the stay of proceedings, initially granted by the Ontario Superior court of Justice (the "Court") under the Companies' Creditors Arrangement Act (CCAA) on May 27, 2015, to August 17, 2015.
"We continue to make excellent progress towards our desired outcome for this restructuring process, while ensuring that our efforts in no way impact our valued wholesale and retail customers," said Frank DeMarinis, Chief Executive Officer of TravelBrands. "This stay extension provides us with the necessary time to continue our ongoing, productive discussions with key stakeholders, in pursuit of the optimal outcome for our company."
KPMG, as the Court appointed Monitor will continue to oversee the business and financial affairs of the company during the CCAA process. Additional information regarding the Company's CCAA proceedings, including court materials, will be made publicly available on the Monitor's website at http://www.kpmg.com/Ca/en/services/Advisory/TransactionRestructuring/CreditorlinkSites/TravelBrands/Pages/default.aspx. TravelBrands will continue to provide further updates throughout its restructuring process.
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, Chief Executive Officer, TravelBrands Inc., 905-283-6027; Media: English - Joel Shaffer, Longview Communications, 416-649-8006, French - Daniel Larouche, 514-286-4882