TravelBrands files to extend stay until Feb. 29

TravelBrands Inc. has filed for an extension of the stay of proceedings from the Ontario Superior court of Justice under the Companies' Creditors Arrangement Act until Feb. 29, 2016.

According to TravelBrands, the extension of the Stay Period will allow the company to continue its operations as it moves towards exiting CCAA protection, and provides the time necessary to resolve a disputed claim from Gibralt Capital Corporation. A hearing date to determine the validity of the Gibralt Claim has been set by the court for Jan. 5, 2016, which occurs after the expiration of the current Stay Period on Dec. 11.

Following a resolution to the claim, TravelBrands would then exit CCAA via its Plan of Compromise or Arrangement, which would see all Affected Creditors paid in full, which was approved at a Meeting of Affected Creditors on Oct. 30. However, if the disputed Gibralt Claim cannot be adequately resolved, TravelBrands may revisit whether it is necessary to revoke the Plan and seek the Court's approval of a sale process or credit bid.

KPMG Inc., the court-appointed monitor, continues to oversee the business and financial affairs of the Company and supports the extension of the Stay Period. Additional information regarding the Company's proceedings under the CCAA, including court materials and the Plan, are publicly available on the Monitor's website at www.kpmg.com/ca/travelbrands.