3c for Excite Hols creditors

3c for Excite Hols creditors

CREDITORS of the collapsed Excite Holidays (TD 13 Jan) have been asked to complete an updated proof of debt form, with the company’s Administrators advising they are now in a position to pay a “first and final dividend” to those owed money.

The current estimated payout is between 2.5 and 3 cents in the dollar, higher than the previous estimate from the Voluntary Administrators report (TD 11 Feb) which estimated a dividend of between 0 and 2 cents.

Creditors who have not previously lodged a formal Proof of Debt with the Deed Administrators must verify their claims, with the relevant forms and all supporting documentation required to be returned to KPMG no later than 07 Dec.

Deed Administrator Phil Quinlan estimated the dividend payment will be made on or around 18 Dec.

A separate agreement was also reached with Expedia on a special refund process outside of normal policies for the cancellation of bookings impacted by COVID-19 travel restrictions.

Refund requests for pre-paid Excite Holidays bookings through Expedia were required to be submitted by 30 Jun, but if not eligible any amounts not refunded became an unsecured claim against the Excite Group.

The timing of Expedia refunds is likely to be similar to the return to unsecured creditors.

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Source: traveldaily