WorldVentures has entered into a binding agreement with Verona International Holdings, who will help the company restructure and serve as a reorganization sponsor under the bankruptcy code.
“With Verona International Holdings as our new sponsor, WorldVentures will continue to position itself as a travel leader through the experiences of its members, while offering more unique travel adventures and investing in our sales team,” said WorldVentures Chief Operating Officer Michael Poates.
The $82.5 million agreement, which is pending court approval, includes repayment of pre-bankruptcy sales representative commissions, and states that the company will continue to operate under the WorldVentures and DreamTrips brands.
“This is a great time for a new chapter in our storied history,” said Poates. “As the travel industry rebounds from an unprecedented global pandemic, WorldVentures is well-positioned to help our members explore local and international destinations through our innovative, curated travel experiences.”
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.