Vantage Travel names Pacific Travel Partners winning bidder for assets

By Sarah Lizee

Olympia, Wash., Aug. 11 – Vantage Travel Services, Inc. named Pacific Travel Partners, Inc. the winning bidder for its assets in a notice filed Friday with the U.S. Bankruptcy Court for the District of Massachusetts.

The purchase price includes a cash amount of $2 million in addition to other amounts.

As previously reported, United Travel had initially offered to purchase the assets for $1 million, consisting of a $750,000 credit bid for funds advanced under a debtor-in-possession facility and $250,000 in cash, plus a percentage of possible future sales derived from the debtor’s customers.

Vantage Travel then made a counteroffer for the assets, originally offering a cash consideration of $1.5 million and a non-cash consideration it said is comparable to that provided under the United Travel deal.

Vantage is a Boston-based river cruise, small ship cruise and escorted land tour operator. The company filed bankruptcy on June 29 under Chapter 11 case number 23-11060.

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