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TravelBrands Inc. 

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.

 

Background

 

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.

 Claims Procedure and Creditors' Meeting Documents

Travel-Trade-Creditor-Representative-Package.pdfTravel Trade Creditor Representative Package9/28/201571 KB
Affected-Creditor-Package.pdfAffected Creditor Package9/28/201570 KB
Plan-of-Compromise-or-Arrangement.pdfPlan of Compromise or Arrangement9/28/2015202 KB
Claims-Procedure-Order.pdfClaims Procedure Order9/28/20152559 KB
Meeting-Order.pdfMeeting Order9/28/20154783 KB
Letter-from-TravelBrands-Inc-dated-October-6-2015.pdfLetter from TravelBrands dated October 6, 201510/6/2015132 KB
Amended-and-Restated-Plan-of-Compromise-or-Arrangement.pdfAmended and Restated Plan of Compromise or Arrangement10/30/2015126 KB
Amended-and-Restated-Plan-of-Compromise-or-Arrangement-Blackline-to-the-Original-Plan.pdfAmended and Restated Plan of Compromise or Arrangement - Blackline to the Original Plan10/30/2015361 KB
TravelBrands-Press-Release.pdfTravelBrands Inc. Creditors' Meeting Press Release10/30/201589 KB
Second-Amended-and-Restated-Plan-dated-January-8-2016.pdfSecond Amended and Restated Plan of Compromise or Arrangement1/8/2016118 KB
Amended-and-Restated-Plan-of-Compromise-Arrnagement-Blackline-to-Amended-Restated-Plan.pdfSecond Amended and Restated Plan of Compromise or Arrangement - Blackline to the Amended and Restated Plan1/8/2016365 KB

 Notice to Creditors

CreditorNotice-Listing.pdfList of Known Creditors5/27/2015500 KB
TBNoticetoCreditorsFINAL.pdfNotice to Creditors6/1/201559 KB
TB-Notice-to-Creditors-FINAL-FR.pdfAvis Aux Créanciers 6/1/201560 KB

 Court Orders

TravelBrands-Initial-Order.PDFInitial Order 5/27/20151091 KB
Endorsement-Initial-Order.pdfEndorsement (Initial Order)5/27/2015177 KB
Order-amending-Initial-Order-Landlord-Rights-June-15-2015.pdfLandlord Consent Order6/15/2015660 KB
Travelbrands-Issued-Amended-and-Restated-Initial-Order-June24-2015.pdfAmended & Restated Initial Order6/24/2015971 KB
Travelbrands-Issued-Stay-Extension-Order-June24-2015.pdfStay Extension Order 6/24/2015107 KB
Travelbrands-Issued-Vesting-Order-June24-2015.pdfVesting Order 6/24/201576 KB
Endorsement-of-Stay-Extension-June-24-2015.pdfEndorsement (Stay Extension)6/24/201563 KB
Issued-Entered-Stay-Extension-Order-Aug14-15.pdfStay Extension Order (August 14, 2015)8/14/201595 KB
Endorsement-re-Stay-Extension-Order-Aug14-15.pdfEndorsement (Stay Extension - August 14, 2015)8/14/201566 KB
Claims-Procedure-Order.pdfClaims Procedure Order9/28/20152559 KB
Meeting-Order.pdfMeeting Order9/28/20154783 KB
Endorsement-Stay-Extension-September-28-2015.pdfEndorsement (Stay Extension - September 28, 2015)9/28/201564 KB
Issued-and-entered-Stay-Extension-Order-dated-December-7-2015.pdfStay Extension Order (December 7, 2015)12/7/2015140 KB
December-7-2015-Stay-Extension-Endorsment.pdfEndorsement (Stay Extension - December 7, 2015)12/7/2015115 KB
Endorsement-January-14-2015.pdfEndorsement (January 14, 2016)1/14/2016139 KB
Issued-and-Entered-TravelBrands-Approval-and-Vesting-Order-dated-January-14.pdfApproval and Vesting Order (January 14, 2016)1/14/2016334 KB
Issued-and-Entered-TravelBrands-Plan-Sanction-Order-dated-January-14.pdfSanction Order (January 14, 2016)1/14/20163124 KB

 Monitor’s Reports

scan.pdfPre-Filing Report of the Proposed Monitor 5/27/20155737 KB
First-Report-of-the-Monitor.pdfFirst Report of the Monitor 6/23/2015939 KB
Second-Report-of-the-Monitor-FINAL.pdfSecond Report of the Monitor8/13/20152149 KB
TravelBrands-Third-Report-of-the-Monitor.pdfThird Report of the Monitor9/24/2015834 KB
Supplement-to-the-Third-Report-of-the-Monitor.pdfSupplement to the Third Report of the Monitor10/26/201566 KB
TravelBrands-Fourth-Report-of-the-Monitor-FINAL-12-02-2015.pdfFourth Report of the Monitor12/2/2015466 KB
Fifth-Report-of-the-Monitor-January-13-2016.pdfFifth Report of the Monitor1/13/20163045 KB

 Motion Materials (including filed Affidavits)

Folder: Initial Application returnable May 27, 2015Initial Application returnable May 27, 2015
Folder: Motion for a Stay Extension Returnable August 14, 2015Motion for a Stay Extension Returnable August 14, 2015
Folder: Motion Record for Claims Procedure Order and Meeting Order Returnable September 28, 2015Motion Record for Claims Procedure Order and Meeting Order Returnable September 28, 2015
Motion-Record-re-Landlord-Rights.pdfMotion Record - 75 Eglinton Ave E Limited Partnership6/12/2015323 KB
Motion-Record-of-the-Applicant-Stay-Extension-June-24-2015.pdfMotion for a Stay Extension Returnable June 24, 20156/24/20156986 KB
Motion-for-Stay-Extension-Returnable-December-7-2015.pdfMotion for a Stay Extension Returnable December 7, 201511/30/20154211 KB
Motion-Record-January-14-2016.pdfMotion Record returnable January 14 20161/8/201610832 KB
Affidavit-of-Philip-Reynolds.pdfAffidavit of Philip J. Reynolds sworn January 12, 20161/12/20161217 KB
AJT-Affidavit.pdfAffidavit of Ashley John Taylor sworn January 12, 20161/12/20161131 KB

 Service List

Service-List.pdfService List9/24/201532 KB

 Other Documents & Notices

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Contact Information

Marcel Réthoré
KPMG Inc.
Bay Adelaide Centre
333 Bay Street, Suite 4600
Toronto, ON, M5H 2S5

 

Tel: 416.777.8040
Toll Free: 1.855.222.8084
Fax: 416.777.3364
tbcreditorinquiries@kpmg.ca