Potential Vantage Travel Sale Would Include Customer Credits

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Vantage Travel saw its tour revenue decline from $132 million in 2019 to just over $10 million in 2020,  leading to its June Chapter 11 filing and proposed sale.

Of note, the company has taken in $80,300,000 in amounts paid by customers in advance of trips that have yet to take place, as well as $23 million in refunds owed to customers, and another $5.4 million in travel protection claims that may need to be paid.

In addition are millions of dollars owed to vessel management companies and various suppliers.

United Travel’s proposed offer is for $1 million, to acquire Vantage, its assets and customer lists. United Travel will also help provide financing to run Vantage in the interim.

Vantage customers will get a credit if they book a tour with United Travel based on the amount paid to Vantage, according to a court filing.

“The amount of the credit will be equal to the lesser of the amount paid by such Future Customer, and 20 percent of the price of the trip purchased from the Debtor, provided further that the credit may not exceed 20% of the price of the trip purchased from the Purchaser,” the court filing said. “Thus, Future Customers who book travel arrangements from the Purchaser will be able to maximize the value of their credit to the extent that they purchase a trip of value equivalent to the trip they purchased from the Debtor. “

Court filings suggest other bidders may submit offers through early August, and an auction could take place if needed.

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