Global Travel Direct Seller WorldVentures Prepares to Exit Bankruptcy with Pending Acquisition
PLANO, Texas, June 3, 2021 /PRNewswire/ -- WorldVentures, the leading direct seller of global travel and leisure club memberships, is pleased to announce that it has entered into a binding agreement, subject only to court approval, with Verona International Holdings as a plan of reorganization sponsor under the bankruptcy code.
WorldVentures is a lifestyle company that markets global travel-related products and experiences – branded as DreamTrips – through independent representatives and members based throughout the United States, Canada, Europe and Asia.
The reorganization plan will be submitted for court approval in the coming weeks. 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.
“With Verona International Holdings as our new sponsor, WorldVentures will continue to position itself as a travel leader through the experiences of its members, while offering more unique travel adventures and investing in our sales team,” said WorldVentures Chief Operating Officer Michael Poates.
Verona International Holdings is experienced in the travel industry with a successful track record of acquiring and successfully restructuring bankrupt companies.
“We are excited to bring our experience in the travel club industry to our partnership with WorldVentures. It’s a brand with deep connections to its members, and the timing is perfect for an investment in the travel sector,” said a Verona International Holdings representative. “Our goal is to invest in new experiences for members and in the resources required to recruit, motivate and retain a best-in-class sales team.”
“This is a great time for a new chapter in our storied history,” said Poates. “As the travel industry rebounds from an unprecedented global pandemic, WorldVentures is well-positioned to help our members explore local and international destinations through our innovative, curated travel experiences.”
For more information, visit worldventures.com and dreamtrips.com.
WorldVentures Holdings LLC is a privately held company based in Plano, Texas that sells travel and lifestyle community memberships through its wholly owned subsidiary WorldVentures Marketing, LLC. The company’s goal is to help Independent Representatives, DreamTrips Members and employees achieve more fun, freedom and fulfillment in their lives. WorldVentures uses the direct sales model to go to market with active Representatives and members worldwide. For more information, visit worldventures.com.
About Verona International Holdings
Verona International Holdings, LLC was formed by a seasoned private equity firm who has a history of supporting and purchasing distressed businesses and returning them to strength and prosperity. Verona International will sponsor the reorganization of WorldVentures Holdings LLC and support the restructuring of its global club travel membership business.
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