TravelBrands Placed Under Creditor Protection
Major Canadian travel distribution network TravelBrands will restructure certain areas of its business after being placed under creditor protection using the Companies' Credtiors Arrangement Act. Business will continue as usual for "virtually all wholesale and retail brands," according to a press release from the company. Creditor protection will stay creditor claims against TravelBrands for 30 days, at which point the company can apply for an extension.
"Our customers are not affected by this announcement," said Frank DeMarinis, CEO of TravelBrands. "Our wholesale and retail brands remain open for business and there will be absolutely no change to the service and support our customers have come to expect from us. As far as our external partners are concerned, it's business as usual."
The company cites challenges faced after acquiring Thomas Cook Canada as the reason behind the restructuring. Brands held by TravelBrands include 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.