Termination of the CCAA Proceedings: Plan implementation and discharge of the Monitor
On February 9, 2016, TravelBrands Inc. (“TravelBrands” or the “Company”) implemented the second amended and restated plan of compromise or arrangement dated January 8, 2016 (the “Second Amended and Restated Plan”). After the Company provided confirmation to KPMG Inc. (“KPMG” or the “Monitor”) that all conditions set out in section 9.1 of the Second Amended and Restated Plan had been satisfied or waived, the Monitor filed with the Court the monitor’s certificate (Schedule “B” to the Plan Sanction and Termination Order (defined below)) (the “Monitor’s Certificate”), signifying that the Second Amended and Restated Plan has been implemented. Pursuant to the plan sanction and termination order dated January 14, 2016 (the “Plan Sanction and Termination Order”), upon filing the Monitor’s Certificate, KPMG was discharged as the Monitor of TravelBrands and the CCAA Proceedings have been terminated.
Update on the CCAA Proceedings
On October 30, 2015, TravelBrands Inc. (“TravelBrands” or the “Company”) held a meeting of its creditors (the “ Creditors’ Meeting”) to consider and vote on the plan of compromise or arrangement (the “Plan”) filed by TravelBrands under the Companies’ Creditors Arrangement Act (the “CCAA”). A majority of Affected Creditors voting on the plan in person or by proxy voted in favour of the Plan, specifically 99.85% of the value of the claims and 99.87% of Affected Creditors voting on the Plan voted in support of the Plan. A date for the Court hearing to sanction the Plan (the “Sanction Hearing”) has not yet been scheduled; however, notice of the Sanction Hearing will be provided in accordance with the Meeting Order and will be posted on the Monitor’s website.
The Company will be before the Court on November 23, 2015. The Monitor intends to issue a report (and post it to this website) thereafter regarding the outcome of the Creditors’ Meeting and the anticipated next steps.
On May 27, 2015, TravelBrands Inc. ("TravelBrands" or the "Company") sought and obtained an Initial Order (the "Initial Order") under the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the "CCAA").
The Ontario Superior Court of Justice (Commercial List) (the “Court”) granted the Company the protections afforded by a stay of proceedings while the Company pursues restructuring initiatives under the CCAA.
The Initial Order appointed KPMG Inc. as Monitor in the Company’s CCAA proceedings.
Claims Procedure and Creditors' Meeting
On September 28, 2015, the Court issued an order (the "Claims Procedure Order") approving a claims procedure (the "Claims Procedure"). The Claims Procedure Order provides for a Claims Bar Date of October 28, 2015.
On the same date, the Court also issued an order (the "Meeting Order") authorizing the Company to call a meeting of its creditors (the "Creditors' Meeting") to consider and vote upon the plan of compromise or arrangement (the "Plan") filed by TravelBrands under the CCAA. The Creditor Meeting is scheduled to take place at the offices of Osler, Hoskin & Harcourt LLP, Suite 6300, 1 First Canadian Place, Toronto on October 30, 2015 at 10:00 a.m. (Toronto time).
For copies of all documents related to the Claims Procedure, the Creditors' Meeting and the Plan, please see below.