Luxury travel company Vantage Travel Services appeared in U.S. Bankruptcy Court Wednesday after admitting in court documents it owes customers $80 million for future trips.
The company vantage-files-bankruptcy-agrees-sell-united-travel-pte-ltd/BHV7XX47JVA5TJWCZAQG6LBXLM/” data-ylk=”slk:filed for Chapter 11 bankruptcy protection last week;elm:context_link;itc:0″ class=”link “filed for Chapter 11 bankruptcy protection last week and announced it is under an agreement to sell its assets to United Travel Pte. Ltd., an affiliate of Nordic Hamburg and Heritage Expeditions. The deal still needs to be approved by a judge.
In court filings, Vantage attorneys said the company has no cash and terminated all but five of its employees on June 20. The company estimates it owes between 10,000 and 25,000 creditors and has liabilities between $100 million and $500 million, according to court documents.
“As was the case throughout the travel industry, COVID-19 had a substantial impact on the Debtor’s operations,” a Vantage attorney said in a motion filed on June 29.
Vantage has been under fire for months after hundreds of consumers complained about a lack of refunds for cancelled or postponed trips. The Mass. Attorney General’s Office said it has received at least 1,120 consumer complaints against Vantage since January 1, 2020.
“Right now, our