Notice of intention filed by business formerly known as itravel2000

The company formerly known as itravel2000 has filed a notice of intention to its creditors, weeks after it was reported that the familiar brand would be purchased by Red Label Holdings.

On Aug. 10, the notice was filed by 8635919 Canada Inc. via accounting and consulting firm Richter Advisory Group, detailing more than $21.6 million owed to seven creditors, including Aldenham Acquisition Corp. Canada ($10,829,998.06), Elleway Properties Limited ($10,372,353.32) and employees of the business, who are owed $221,956.97.

TICO president Richard Smart confirmed to PAX that “the prior entity that operated as itravel2000 terminated its registration with TICO and its shareholders can therefore proceed with any corporate filing deemed necessary.”

In July, Red Label Holdings, parent company of TravelBrands and Redtag.ca, announced it had reached an agreement to acquire itravel2000, pending regulatory approvals and other closing conditions.