Vantage Travel gets counteroffer from Pacific Travel Partners

By Sarah Lizee

Olympia, Wash., Aug. 4 – Vantage Travel Services, Inc. has received a counteroffer for its assets from Pacific Travel Partners, Inc., according to a notice filed Thursday with the U.S. Bankruptcy Court for the District of Massachusetts.

Pacific Travel Partners has offered a cash consideration of $1.5 million and a non-cash consideration it says is comparable to that provided under the company’s asset purchase agreement with United Travel Pte. Ltd.

As previously reported, United Travel has 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.

Notably, the U.S. trustee overseeing the case has said the consideration to be paid by United appears to be worth far less than the assets it is purchasing from the debtor.

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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