After several months of speculation, Vantage Travel Services, doing business as Vantage Deluxe World Travel, has officially filed for Chapter 11 bankruptcy. At the same time, the company has signed an agreement to sell its business operations to United Travel Pte. Ltd., an affiliate of Nordic Hamburg and Heritage Expeditions.
As part of its filing, Vantage has sought "customary relief from the court to preserve the status quo pending completion of the sale."
The company is also asking the court for approval to complete the sale promptly, subject to any higher and better offers that may be submitted through the court-supervised sale process.
Some Protection for Current Customers
United Travel Pte. Ltd. has agreed to pay $1 million for Vantage's assets according to the filing. It has also agreed to provide a credit to customers of Vantage who have paid, in whole, or in part, for a trip reservation made with Vantage before May 11, 2023 if they book a tour with the purchaser. The amount of the credit will be equal to the lesser of the amount paid by the customer and 20% of the price of the trip purchased from Vantage (so long as credit doesn't exceed 20% of the proice of the new trip purchased from United Travel Pte. Ltd.). Additionally, anyone who has already received a refund, insurance payment, credit card chargeback credit, or other reimbursement will not be eligible for a credit.
The trouble for Vantage Travel started in April when it claimed it was hit by a ransomware attack. In the subsequent weeks and months, the company canceled several cruises, including four river cruises in the Netherlands and two Egypt trips.
Earlier this month, the Massachusetts' Attorney General recovered more than $1.23 million from Massachusetts-resident customers of Vantage Travel.