Ex­cite plat­form likely to be sold

Travel Daily - - Contents -

THE Ad­min­is­tra­tors of the col­lapsed Ex­cite Hol­i­days have con­firmed they are in “con­fi­den­tial and ad­vanced dis­cus­sions” with a sin­gle pre­ferred bid­der for the com­pany’s pro­pri­etary online travel book­ing plat­form.

The Sec­ond Re­port to Cred­i­tors re­leased yes­ter­day by Mor­gan Kelly from KPMG (see page one) notes that im­me­di­ately fol­low­ing the Ad­min­is­tra­tors’ ap­point­ment a sale process for the sys­tem was ur­gently com­menced.

A to­tal of 17 par­ties ex­pressed ini­tial in­ter­est, with non-dis­clo­sure agree­ments sub­se­quently ex­e­cuted by eight prospec­tive bid­ders who were given ac­cess to the data room.

Three in­ter­ested par­ties sub­mit­ted non-bind­ing ex­pres­sions of in­ter­est by the clo­sure date of 19 Jan, and since then the Ad­min­is­tra­tors have en­tered into ex­clu­sive ne­go­ti­a­tions with a pre­ferred party, whose due dili­gence is at an ad­vanced stage.

“We an­tic­i­pate that a fur­ther up­date on the sale will be avail­able at the Sec­ond Meet­ing of Cred­i­tors,” Kelly said, with the meet­ing sched­uled for next Mon 17 Feb.

Cur­rently the amount ex­pected from the sale of the com­pany’s as­sets is listed as “com­mer­cially sen­si­tive” in the re­port.

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