lakeland tours llc chapter 11

--Editing by Haylee Pearl. The post-reorg capital structure will look like this: The above graphic is the biggest “tell” that the filing is predominantly about access to fresh capital. Feb. 04 2021 Mar. APC Automotive Technologies: Reorganization Confirmed. In particular, the Debtors’ bookings may be negatively impacted by the adverse changes in the perceived or actual economic climate, including higher unemployment rates, declines in income levels and loss of personal wealth resulting from the impact of COVID-19. The Debtors’ bookings may also be impacted by continued and prolonged school closings. See who the company's key decision makers are. Send Feedback to petition@petition11.com. Crushed. Order for Relief Entered. Lakeland Tours LLC, doing business as WorldStrides, provides educational student travel programs. WorldStrides was formed here in 1967 and has since become the largest educational travel company in the United States… operating those tours under the name Lakeland Tours, LLC. Join below today. Receipt number A14154723. According to StudentUniverse and Skift, “[t]he student traveler represents fully one-fifth of all international arrivals in the travel industry, today. 336. Moody's downgrades Lakeland Tours' PDR to D-PD following Chapter 11 filing. Wilmington Trust, National Association, as second lien agent, with respect to the CCAA proceeding in Quebec and ancillary U.S. chapter 15 case in the District of Delaware of Cirque du Soleil, a Montreal-based entertainment company and the largest contemporary circus producer in the … Lakeland Tours, LLC -- Moody's downgrades Lakeland Tours' PDR to D-PD following Chapter 11 filing This is the first time since September 11, 2001 that the Debtors have suspended their tours, and is the first time the Debtors have completely suspended their tours for an extended period of time. As a result of these unprecedented circumstances, the Debtors are not able to predict the full impact of such a suspension. This thread is only visible to paying subscribers of PETITION. Refund requests? WorldStrides travel business came to an abrupt halt with the spread of the pandemic. Due to the discretionary nature of educational travel spending, the Debtors’ revenues are heavily influenced by the condition of the U.S. economy and economies in other regions of the world. Parties . In re McClatchy Company. (Re: Doc # 1) (U.S. Treasury) (Entered: … As the debtors’ risk factors suggest here, they may be even more worthless than usual depending upon how COVID shakes out. Virginia-based Lakeland Tours LLC (d/b/a WorldStrides) and 22 affiliates (the “debtors”) filed for bankruptcy in the Southern District of New York, the latest in a relatively small group of COVID-related victims to end up in bankruptcy court. If parents aren’t traveling for work, will they let their children travel for school? See similar companies … Our primary product is an a$$-kicking email briefing sent to Members every Sunday. WorldStrides is a provider of educational travel experiences both domestically and abroad and filed for Chapter 11 to restructure more than $768 million of funded … The RSA commits these consenting stakeholders to, among other things, a $200mm new capital infusion (exclusive of fees) split 50/50 between the consenting lenders and the sponsors which will roll into exit debt and equity. Get the big picture on a company's affiliates and who they do business with. The chapter 11 filing by WorldStrides parent Lakeland Tours LLC comes as travel and tourism businesses increasingly are forced to restructure their … PETITION Note: as we write this, a talking head is pontificating on CNBC that business travel will be significantly lower in coming years than it had been — confirming the premise of this Bloomberg piece. Reach the right people with access to detailed contact information. Petition Chapter 11 Voluntary Petition for Non-Individual. *$150mm of pre-petition secured debt will roll-up into the DIP. And, by extension, obliterate the company’s projections. The company has entered into a restructuring support agreement with its lenders and sponsors. Let’s hope that a vaccine comes and they’re positioned to surprise to the upside.**. At least management appears to be realistic here that the business will not return to pre-COVID levels for some time. As such, the Company has successfully emerged from the Chapter 11 process with significant financing to support execution of its long-term business plan … The Lakeland Tours, LLC d/b/a WorldStrides petition filed on July 20, 2020, in the U.S. Bankruptcy Court case # numbered 20-11647 seeks to restructure $770 million of debt. Lakeland Tours, LLC, 20-bk-11647, 2020bk11647, U.S. Bankruptcy Court for the Southern District of New York, Chapter 11 Bankruptcy, Filed on July 20, 2020 Subscribe to view → Comments on this post are for paying subscribers The only BDC involved is non-traded Business Development Corporation Of America (BDCA for short), which has invested $11.9mn at cost in the company’s first lien term loan that matures at the end of 2024, according to Advantage Data. BDCA will be losing just short of ($0.6mn) of annual investment income. The company – whose dba is Worldstrides – was in the wrong business in the time of Covid-19: arranging student travel programs. A good bankruptcy lawyer is a great resource whenever considering filing for Chapter 7. Direct Air started in 2007 and leased aircraft with charter airlines. Its main base was Myrtle Beach International Airport. PETITION is a digital media company focused on disruption from the vantage point of the disrupted. Which begs the question: if the debtors perform dramatically under business plan in coming years — perhaps, uh, due to a decrease in international student travel — will the company be in need of another restructuring? Lakeland Tours' motorcoaches, drivers, and operations department are held to the highest possible standard and undergo the most rigorous training and regular re-training. 20-bk-11647 (Bankr. We don’t know at this time whether BDCA is participating in the new capital being advanced or in the “debt for equity” trade. Student travel company Lakeland Tours LLC filed for Chapter 11 on July 20, 2020. Associated Cases. Get automated case … This case has a LEAD CASE: Lakeland Tours, LLC When following such a bankruptcy, it is important to follow the lead case. July 20, 2020 Virginia-based Lakeland Tours LLC (d/b/a WorldStrides) and 22 affiliates (the “debtors”) filed for bankruptcy in the Southern District of New York, the latest in a relatively small group of COVID-related victims to end up in bankruptcy court. Future bookings? Order for Relief Entered. And, alas, the debtors have a restructuring support agreement (the “RSA”) agreed to by the debtors’ prepetition secured lenders, their hedge provider and their equity sponsors, Eurazeo North America and Primavera Capital Limited. Now, generally, projections are almost always worthless. Sky Air & Tours LLC : Headquarters: Myrtle Beach, South Carolina: Key people: Ed Warneck Judy Tull Marshall Ellison Kay Ellison Robert Keilmann: Southern Sky Air Tours, d/b/a Direct Air was an airline business based in Myrtle Beach, South Carolina, United States. The debtors certainly acknowledge the risks. Subscribe. Filed by Nicole Greenblatt of Kirkland & Ellis, LLP on behalf of Lakeland Holdings, LLC. Student travel company Lakeland Tours LLC filed for Chapter 11 on July 20, 2020. And they were doing well before the pandemic: in fiscal ‘19, the company generated approximately $650mm in net revenue and management projected $840mm in net revenue in ‘20. The $100mm provided by the equity sponsors will convert into 100% of the common stock of the reorganized debtors (subject to dilution from a management incentive plan). WorldStrides travel business came to an abrupt halt with the spread of the pandemic. Case Title Lakeland Tours, LLC Case type Chapter 11 Bankruptcy Court U.S. Bankruptcy Court for the Southern District of New York Index Number(s) 2020bk11647 20-bk-11647 20-11647 Case Opened July 20, 2020. On July 14, 2020, WorldStrides launched solicitation of its Plan. WorldStrides intends to continue paying customer refunds and expects to continue paying vendors and other partners in full in the ordinary course of business. Yes, 2024. filed, on July 21, 2020, the Declaration of Kellie Goldst ein, Chief Financial Officer of Lakeland Tours, LLC, d/b/a WorldStrid es, (I) in Support of Chapter 11 Petitions and First Day Pleadings and (II) Pursuant to Local Bankruptcy Rule 1007-2 [Docket No. The Lakeland Tours, LLC d/b/a WorldStrides petition filed on July 20, 2020, in the U.S. Bankruptcy Court case # numbered 20-11647 seeks to restructure $770 million of debt. In particular, the Debtors cannot predict the impact on financial performance and cash flows required for cash refunds of fares for cancelled tours as a result of a suspension of tours if such suspensions are prolonged further than anticipated, as well as the public’s concern regarding the health and safety of travel, and related decreases in demand for travel. Subscribe to view → Comments on this post are for paying subscribers On July 20, 2020, Lakeland Tours, LLC, d/b/a WorldStrides (“WorldStrides”) filed a voluntary petition under chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York. Depending on the length of the suspension and level of customer acceptance of future tour credits, the Debtors may be required to provide additional cash refunds for a substantial portion of the balance of deferred tours, as customers who have opted to defer tours may request a cash refund. General unsecured creditors will ride-through paid in full. Rating Action: Moody's downgrades Lakeland Tours' PDR to D-PD following Chapter 11 filing: Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Lakeland Tours, LLC: Rating Action: Moody's downgrades Lakeland Tours (dba WorldStrides) ratings (CFR to Caa3); outlook negative: Rating Action: Moody's assigns Caa2 CFR to Lakeland Tours, LLC; … While it is a prepackaged Chapter 11 plan of reorganization, and WorldStrides expects to emerge from the court proceedings on solid financial group, it is another clear indication of the financial impact of COVID-19. The case is In re: Lakeland Tours LLC et al., case number 20-11647, in the U.S. District Court for the Southern District of New York. The downgrade of the ratings was prompted by Lakeland Tours' initiating of Chapter 11 bankruptcy proceedings announced on July 20, 2020. Corporate Relations. New Chapter 11 Filing - Lakeland Tours LLC (d/b/a WorldStrides) . Relatively quickly – thanks to an agreement with its creditors – the company is exiting bankruptcy, having received court approval of their restructuring plan: “As part of the restructuring, the company has reduced the debt on its balance sheet by more than … * Here are the highlights: The $100mm provided by the lenders will roll into an exit facility; The $150mm roll-up will roll into a second-out term loan take-back facility; and. To implement the recapitalization, WorldStrides has voluntarily filed a prepackaged Chapter 11 plan of reorganization under the United States Bankruptcy Code (the “Plan”). Bankruptcy Exemptions for Lakeland, FloridaLakeland, Florida; Bankruptcy Attorney Cost EstimateChapter 7 bankruptcy is an important debt relief tool for Americans in severe financial distress from losing a job, getting injured, or getting divorced. They state: The Debtors cannot predict when any of the various international or domestic travel restrictions will be eased or lifted. Lakeland Tours, LLC* 3. S.D.N.Y.) Indeed, the debtors were “decimated” by the worldwide shutdown of nonessential travel. Filed by Nicole Greenblatt of Kirkland & Ellis, LLP on behalf of Lakeland Tours, LLC. With the bankruptcy filing the credit rating drops to non performing, i.e. Cravath is representing Eurazeo in its capacity as controlling shareholder of WorldStrides and DIP lender under the DIP Credit Agreement. As we all know, “experiences” are all the rage these days and international student travel is far more common today than it was even five years ago (PETITION Note: seriously, folks, the company doesn’t even try to hide the social element to this … the above photo just screams “Pay us for an experience racked with non-stop selfies!). 15] (the “First Day Declaration”); g. When we detect a group of jointly administered cases, we mark the associated and lead cases. Virginia-based Lakeland Tours LLC, which does business as WorldStrides, filed for Chapter 11 last month, saying COVID-19 travel restrictions had "decimated" its business. Lakeland Tours, LLP — Representing Lakeland Tours, LLP d/b/a WorldStrides (“WorldStrides”) and certain of its affiliates in their prepackaged Chapter 11 cases in the United States Bankruptcy Court for the Southern District of New York. 9. Loading.. Lakeland Tours, LLC, No. Subscribe for Instant Access to this Case View the full docket, including attorney, judge, and party data. Historical Prices. On July 20, 2020, Lakeland Tours, LLC, d/b/a WorldStrides (“WorldStrides”) filed a voluntary petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York. One of the casualties of the Coronavirus COVID-19 is the Lakeland Tours, LLC d/b/a WorldStrides which filed Chapter 11 Bankruptcy. 70. We’ll circle back as details come out but the impact on the BDC in any case should be modest. **Houlihan Lokey pegs valuation between approximately $625mm and $745mm as of September 30, 2020. Petition Chapter 11 Voluntary Petition for Non-Individual. WorldStrides was formed here in 1967 and has since become the largest educational travel company in the United States… operating those tours under the name Lakeland Tours, LLC. We first wrote about APC Automotive Technologies when the company first filed for Chapter 11 protection back on June 3, 2020. The Debtors' Plan … Similar to other pure-play filings (e.g., several Latin American airlines and Hertz Corporation $HTZ)), the debtors are in the travel industry; they are a provider of educational travel experiences in the US and abroad; they are the US’ largest accredited travel program serving hundreds of thousands of students and hundreds of universities annually. Similar to other pure-play filings (e.g., several Latin Amer… The deleveraging (of only $100mm) is rather secondary and inconsequential relative to the $200mm cash infusion. Fee amount 1717.00. (jointly administered)) related docket no. The downgrade of the ratings was prompted by Lakeland Tours' initiating of Chapter 11 bankruptcy proceedings announced on July 20, 2020. The major parties to the RSA will get releases under the proposed plan: creditors who vote to reject the plan will need to affirmatively opt-out of the releases. Revenue? Lakeland Holdings, LLC 218 Water Street West Sute 400 Charlottesville, VA 22902 Download Reset. This agreement is expected to reduce the company’s debt and provide access to significant new financing, which will support its business plan going forward, including navigating the … The company – whose dba is Worldstrides – was in the wrong business in the time of Covid-19: arranging student travel programs. . And so it looks like the debtors are conservatively projecting $367.9mm of revenue in fiscal year 2021, slightly more than half of what they did in ‘19. In re Lakeland Tours LLC d/b/a Worldstrides. Lost. On July 20, 2020, Lakeland Tours, LLC, d/b/a WorldStrides (“WorldStrides”) filed a voluntary petition under chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York. Lakeland Tours, LLC -- Moody's downgrades Lakeland Tours' PDR to D-PD following Chapter 11 filing. 05 2021. LAKELAND TOURS LLC : DBA Name: LAKELAND TOURS : Physical Address: 21194 DAUGHERTY ROAD LONG BEACH, MS 39560 Phone: (228) 547-3487 : Mailing Address: 21194 DAUGHTERY ROAD LONG BEACH, MS 39560 USDOT Number: 2123171 : State Carrier ID Number: MC/MX/FF Number(s): MC-752883 : DUNS Number:-- Power Units: 10 : Drivers: 16 : MCS-150 Form Date: 01/13/2021 The debtors already commenced solicitation and hope to confirm the plan on or about August 19. A worldwide travel shutdown will obviously negatively impact that trend. (Greenblatt, Nicole) (Entered: 07/20/2020) Jul 21, 2020: Receipt of Voluntary Petition (Chapter 11)( 20-11647) [misc,824] (1717.00) Filing Fee. The “negative net bookings” must have been off the charts. Close Industry Peers. Group Charters. Lakeland Tours, LLP — Representing Lakeland Tours, LLP d/b/a WorldStrides (“WorldStrides”) and certain of its affiliates in their prepackaged Chapter 11 cases in the United States Bankruptcy Court for the Southern District of New York. Principals. WorldStrides’ Restructuring Under Chapter 11 July 22, 2020 On July 20, 2020, Lakeland Tours, LLC, d/b/a WorldStrides (“WorldStrides”) filed a voluntary petition under chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York. Holders of $126mm in subordinated seller notes will get wiped out along with existing equity interests. Debtor. Direct Air's flights … Equity Security Holders in the Southern District of New York bankruptcy of Lakeland Tours, LLC (WorldStrides Travel). This case has no creditors listed. in Chapter11 Lakeland Tours LLC (d/b/a WorldStrides) July 20, 2020 Virginia-based Lakeland Tours LLC (d/b/a WorldStrides) and 22 affiliates (the “debtors”) filed for bankruptcy in the Southern District of New York, the latest in a relatively small group of COVID-related victims to end up in bankruptcy court. We rated Lakeland CCR 3. Policies: Curation, Terms of Use, Privacy Policy & Disclaimer. in re: ) chapter 11) lakeland tours, llc, et al., 1 ) case no. Voluminous. You are always in the safest hands possible because at Lakeland Tours, Safety is our "way of life" - we live it every day . CHARLOTTESVILLE, Virginia – September, 25, 2020 – Lakeland Tours, LLC, d/b/a WorldStrides (“WorldStrides”) today announced that it has completed its comprehensive financial recapitalization and the implementation of its plan of reorganization. With a Hoovers subscription you can get a comprehensive view of Lakeland Tours, LLC. They command a market value of some $320 billion….”. We’re guessing that the final realized loss the BDC will have to absorb will be bigger than (15%) as well. CHARLOTTESVILLE, Virginia – July 21, 2020 – Lakeland Tours, LLC, d/b/a WorldStrides (“WorldStrides”) today announced that it has agreed to a comprehensive recapitalization with its principal shareholders and certain lenders. On July 8, 2020, WorldStrides signed a Restructuring Support Agreement (“RSA”) with (i) holders of 85% of its term and revolving loans, (ii) its private equity sponsors, Eurazeo North America, as manager … Send Feedback to petition@petition11.com. This need for new capital, when coupled with the debtors’ burdensome capital structure ($768mm of funded debt), precipitated the need for a restructuring. Moreover, even when travel advisories and restrictions are lifted, demand for study abroad and student travel may remain reduced for a significant length of time, and the Debtors cannot predict if and when demand will return to pre-pandemic levels. of New York (Judge Garrity), Capital Structure: $642mm RCF/TL/LOCs, $126mm subordinated seller notes, Legal: Kirkland & Ellis LLP (Nicole Greenblatt, Jennifer Perkins, Susan Golden, Whitney Fogelberg, Kimberly Pageau, Elizabeth Jones), Financial Advisor: KPMG LLP (James Grace, Thomas Bibby), Investment Banker: Houlihan Lokey Capital Inc. (Sam Handler, Stephen Spencer), Claims Agent: Stretto (*click on the link above for free docket access), Prepetition & DIP Agent: Goldman Sachs Bank USA, Legal: Latham & Watkins LLP (Adam Goldberg, Hugh Murtagh), Seller Noteholders: Metalmark Capital Holdings LLC & Silverhawk Capital Partners, Legal: Davis Polk & Wardwell LLP (Michael Davis), Sponsors: Eurazeo North America & Primavera Capital Limited, Legal: Cravath Swaine & Moore LLP (Paul Zumbro, George Zobitz) & Simpson Thacher & Bartlett LLP (Michael Torkin), Legal: Gibson Dunn & Crutcher LLP (Scott Greenberg, Steven Domanowski, Jeremy Evans). Jurisdiction: S.D. Contacts. At March 31, 2020 – the first quarter the company joined the ranks of the underperforming – the discount was only (15%). For … Details in the company’s press release announcing the Chapter 11 filing are short on details, but some kind of “debt for equity swap”, accompanied – as per the usual – by the addition of new capital is planned. 20-11647 (jlg)) debtors. ) However, the company was performing well before the current crisis so management, shareholders and “certain lenders” have managed to cobble together a restructuring plan, which is expected to be blessed by the bankruptcy judge. They don’t expect to revert back to projected ‘20 numbers until at least 2024. Safety always comes first at Lakeland Tours (we can't emphasize this enough). Co-counsel to the Debtors, a 163-year-old family-controlled public company that provides independent local journalism to 30 communities in 14 states through its local newspapers, including well-respected …

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