Verona International Holdings, Inc., an investment group with experience in the sponsorship and reorganization space, was named the winning bidder in WorldVentures’ Chapter 11 Plan of Reorganization. Verona International Holdings, Inc. will now help the company restructure and serve as a reorganization sponsor under the bankruptcy code.
“Our future is bright,” said Michael Poates, Chief Operating Officer. “With the support and sponsorship of Verona International Holdings, Inc., WorldVentures will return stronger than ever. Over the coming months, we will be adding new immersive travel experiences, implementing a better commission structure, and enhancing our team to create the kind of organization our existing sales representatives can be proud of, and one that new direct sales entrepreneurs will want to be a part of.”
The $82.5 million agreement includes repayment of pre-bankruptcy sales representative commissions, and states that the company will continue to operate under the WorldVentures and DreamTrips brands.
“We’re honored to sponsor WorldVentures’ Plan of Reorganization,” said a Verona Internal Holdings, Inc. representative. “As the world comes out of a global pandemic, we know that travel will return bigger and better than ever, as people will look for new adventures at home and abroad. We anticipate the travel industry to skyrocket and are excited to bring new products and experiences through WorldVentures’ innovative products.”
WorldVentures announced it had filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Texas in December 2020.