Aurora Expeditions Bids for Vantage Travel Assets

Greg Mortimer and Sylvia Earle

Pacific Travel Partners, Inc, has officially submitted its bid for the assets of Vantage Travel, putting in a cash offer of $1.5 million plus future considerations for Vantage creditors. This compares to the only other bid of $1 million plus future trip credits from United Travel (representing Nordic Hamburg and Heritage Expeditions).

Pacific Travel Partners is a U.S.-based company that is essentially Aurora Expeditions, an Australian-based expedition cruise operator that operates two ships, that are sisters to to the Vantage ocean-going ships, year-round in the expedition/adventure cruise market. The bid includes a $150,000 deposit which the company sent on August 2.

The bid also includes a future consideration going to the creditors, including five percent in 2024, four percent in 2025 and so on, through one percent in 2028.

The bid said: “Future Consideration shall be calculated as the percentage prescribed below of the revenue recognized, less discounts and allowances, all determined in accordance with GAAP, from sales of tours or travel packages to persons booking travel with Purchaser or its successors and assigns and completing such travel after the Closing Date, excluding any revenue recognized (whether in cash or via a Future Credit) in connection with travel by persons who pay for all or a portion of such travel using a Future Credit (as such term is defined in Section 9.2 hereof), (collectively, the “Covered Customers”).”

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