Travelsmart
TORONTO — Travelweek has confirmed that 8325919 Canada Inc., which had been operating as itravel2000, filed a Notice of Intention to make a Proposal under the Bankruptcy and Insolvency Act (Canada) on Aug. 10, 2016.
A Notice to Creditors was apparently sent to creditors on Aug. 17, 2016, advising that Richtor Advisory Group Inc. had consented to act as Trustee and that all proceedings against The Company had been stayed. It further stated that upon the filing of the contemplated Proposal a further notice would be mailed to creditors providing them with a copy of the Proposal, the date and time of a Meeting of Creditors is to be held to Consider the Proposal, a condensed statement of affairs of the Company and other required documents.
The Notice also includes a list of creditors with claims of $250 or more, including Adelhanham Canada Acquisition Corp. which is owed approximately $10.8 million, Elleway Properties Limited owed approximately $10.3 million, and employees owed approximately $222,000.
When reached for comment, Richard Smart, President & CEO of TICO, confirmed that the company formerly operating as itravel2000 has terminated its registration with TICO, and that 9831185 Canada Inc. is registered with TICO and is now operating under the name itravel2000.
Red Label Holdings Inc., parent company of TravelBrands and Redtag.ca, announced just last month that it had reached an agreement (subject to regulatory approvals) to acquire itravel2000.
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