WorldVentures will exit bankruptcy through a proposed acquisition by Verona International Holdings.
As per a press-release issued by WorldVentures on June 3rd;
WorldVentures … is pleased to announce that it has entered into a binding agreement … with Verona International Holdings as a plan of reorganization sponsor under the bankruptcy code.
This agreement, valued at upwards of $82,500,000, will provide for a repayment of pre-bankruptcy sales representative commissions, among other provisions.
Under the agreement, the company will operate under both the WorldVentures and DreamTrips brands going forward.
Personally I’d never heard of Verona International Holdings before.
According to WorldVentures’ press-release, Verona International Holdings are
experienced in the travel industry with a successful track record of acquiring and successfully restructuring bankrupt companies.
Not sure if something dodgy is going on but the only Google search results for “Verona International Holdings” are WorldVentures’ press-releases.
They don’t seem to exist online outside of WorldVentures’ press-releases, which are not even three days old.
This is strange considering Verona purportedly has a “successful track record”.
Even stranger is WorldVentures quoting a “Verona International Holdings representative”, as opposed to a named executive.
Could be innocent but my “something’s not quite right here” radar is pinging.
Anyway hopefully if there is something suss going on the bankruptcy court gets to the bottom of it.
The reorganization plan will be submitted for court approval in the coming weeks.
I’ll continue to monitor WorldVentures’ bankruptcy case docket for details.