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Excite Holidays debt may top $35 million

January 24, 2020 Headline News No Comments Email Email

An update on the first creditors’ meeting following the collapse of Excite Holidays has revealed the wholesaler’s debt may reach up to $35.1 million, based on preliminary estimates by administrators KPMG.

The administrators say their preliminary estimate, based on the company’s books and records and creditor claims received to date, is that travel agents and suppliers are owed between $7 million and $16 million.

Secured creditors are owed about $10.8 million, priority/employee claims total about $1 million, international group companies are owed 6.5 million.

The total is estimated to be an eye-watering sum, somewhere between $25.3 million to $35.1 million.

The administrators’ latest update, complete with diagrams showing Excite’s rather complex company structure, can be viewed on the following link:

Creditors may nominate a committee of inspection is they wish.

The administrators have prepared a report to creditors under Section 438A of the Act and Insolvency Practice Rules 75-225, which will be issued on or before 6 February 2020. A second meeting of creditors will be held on or before 17 February 2020.

The administrators may consider whether they will make an application to the court to extend the period within which the second creditors’ meeting is to be convened.

“At this stage, we don’t expect that an extension will be sought,” the administrators advised.

Edited by Peter Needham

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