TORONTO, Aug. 15, 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 a second extension of the stay of proceedings from the Ontario Superior court of Justice (the "Court") under the Companies' Creditors Arrangement Act (CCAA) lasting to September 30, 2015. The Company has also made significant progress in the discussions with its landlord at 75 Eglinton and is optimistic that it will be able to reach a mutually agreeable form of the settlement agreement in the near term.
The Court-appointed Monitor, KPMG, continues to oversee the business and financial affairs of the Company during this process. 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. TravelBrands will continue to provide further updates throughout its restructuring process as developments warrant.
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