Estimated return to Excite Holidays unsecured creditors between 0 and 2c in the dollar.
The second Creditors Meeting for the Excite Holidays group of companies has just finished, with attendees voting in favour of the Deed of Company Arrangement proposed by directors George Papaioannou and Nicholas Stavropoulos.
The Administration of the main holding company, Global Travel Holdings Pty Limited, has ended, after creditors agreed that it was not technically insolvent. This company is the owner of the Excite Holidays Sydney office, which is currently under a contract of sale which will discharge the group’s secured creditor, the National Australia Bank.
The Directors will contribute $100,000 from the as-yet-undisclosed proceeds of the sale into the Deed of Company Administration, which sees them retake control of other group companies Global Travel Specialists, Travel Serv Co, Events NG and Excite Holidays (Australia) Pty Ltd.
Attendees at the meeting voted in favour of all of the Deed of Company Arrangement resolutions, as well as for all the resolutions relating to the remuneration of the KPMG Administrators.
More details in tomorrow’s issue of Travel Daily.