Vantage Travel Services today announced that United Travel Pte. Ltd., an affiliate of Nordic Hamburg and Heritage Expeditions, has agreed to acquire Vantage’s assets and provide customers with future opportunities for the travel experiences and the luxury service that they have come to expect, according to a press release.
Vantage, which operated two ships year-round in the adventure cruise market, ceased operating earlier this year and was said to be working to sell the company.
New Zealand-based Heritage Expeditions operates the Heritage Adventurer (former Hanseatic) year-round in the expedition cruise market; Nordic Hamburg is said to provide vessel management services to the ship.
According to a statement, the proposed acquisition is being facilitated by a Chapter 11 filing today in the United States Bankruptcy Court for the District of Massachusetts by Vantage. Vantage has sought customary relief from the court to preserve the status quo pending completion of the sale, the company said, in a statement.
Vantage said it has sought approval to complete the sale promptly, subject to any higher and better offers that may be submitted through the court supervised sale process.
Argus Management is serving as financial advisor and Casner & Edwards LLP as legal advisor to Vantage.