MONTREAL, May 19, 2021 / CNW / – FlightHub Group, owner and operator of FlightHub.com and justfly.com, two of the world’s leading online travel agencies (OTAs), is proud to announce that it has passed the Companies’ Creditors Arrangement Act (CCAA) successfully completed. Restructuring process that officially ended on by order of the Supreme Court May 14th, 2021. The company has now focused on preparing for the next wave of growth fueled by the pent-up demand for travel over the past 12+ months.
The COVID-19 pandemic sparked a series of unprecedented events around the globe that virtually brought the travel industry to a standstill. FlightHub and justfly were hit hard by a sharp drop in sales as well as a significant cash flow burden caused by COVID-19 related cancellations and refunds from previous sales. The company initiated a CCAA restructuring process May 2020 and simultaneous approval process under Chapter 15 of the US Bankruptcy Code. “We used the CCAA restructuring process to quickly downsize our operations and adapt to a new business reality,” he says Marc Ghobriel, Chief Financial & Strategy Officer of the company.
In addition to maintaining qualified jobs and the company headquarters in MontrealThe FlightHub Group’s restructuring has successfully resolved its regulatory issues and repositioned the company for rapid growth when air travel resumes after the pandemic.
The company implemented a plan for consultation on April 30, 2021that was accepted in number and value by 100% of the creditors. “It is important to recognize and thank all of our partners who have supported us over the past year and worked with us to ensure continued operations,” added Ghobriel. “Our team worked tirelessly with everyone involved throughout the process to continue serving existing customers and giving customers the ability to reserve new travel plans.”
“The new chapter of FlightHub is turning the page at an exciting time when we are seeing signs of life in the domestic travel markets,” he says Christopher Cave, CEO of the FlightHub Group. “With vaccination rates increasing around the world, the international travel markets will ultimately enable further growth.”
The company has put significant resources and efforts into rebuilding a stronger foundation to offer its customers great travel opportunities and a better post-booking experience. “We remain optimistic about the future and believe that the FlightHub Group will emerge as such Canada Top travel companies while adding quality jobs in Canada how the voyage will resume in the coming months, “says Mr. Cave.
About the FlightHub Group
FlightHub and Justfly are among the world’s leading online travel agencies. They make travel accessible and allow more people to visit new places and explore different cultures by offering the cheapest flights to worldwide destinations. It does this by investing heavily in technology and people, optimizing and optimizing the customer experience. Visit flighthub.com or justfly.com to book online.
FlightHub was represented by Stikeman Elliott LLP throughout the CCAA process. Further information can be found on the website of the Process Monitor, MNP LTD:
https://mnpdebt.ca/de/corporate/corporate-engagements/flighthub-group/
SOURCE FlightHub
For more information: [email protected]
