The FlightHub Group, supported by its shareholders, reiterates its commitment to the industry and its customer base through a restructuring process
The FlightHub Group and its brands, FlightHub and Justfly, will continue servicing existing customers and remain open for business throughout the process
MONTREAL, May 14, 2020 /CNW Telbec/ - The FlightHub Group Inc. announced today that it has entered into a restructuring process under the Companies' Creditors Arrangement Act ("CCAA"). The company intends on leveraging the proceedings to stabilize the business in response to the COVID-19 downturn and emerge in a stronger position.
The FlightHub Group owns and operates two of the world's leading online travel agencies, with a strong track record of growth and financial stability. The recent COVID-19 pandemic has triggered a chain of unprecedented events that have had a significant impact globally, bringing the travel industry to a near halt. FlightHub and Justfly have been greatly affected by a sharp decline in sales, as well as a significant strain on cash flow caused by COVID-19 related cancellations and refunds from previous sales.
The management team and Board of Directors will remain in place throughout the restructuring process, providing comfort and security to existing and new customers that their requests will be serviced on a business-as-usual basis. In addition, existing shareholders have committed new funding to the company in order to enable the restructuring process and ensure that the company can successfully exit the process.
"Since the start of the pandemic, FlightHub has been working around the clock at adapting its operations in response to the unpredictable impact of the COVID-19 outbreak", says Christopher Cave, Chief Operating Officer at FlightHub. "We have been helping thousands of customers change their travel plans at the last minute and find their way home during these uncertain times. We also have been and remain committed to delivering on our value proposition to customers, which is providing travelers with great itineraries at the best price."
"The new funding injected by our shareholders and the support of our Board of Directors are strong votes of confidence towards the future of this organization and our ability to emerge from the restructuring process", says Mr. Cave.
FlightHub.com and Justfly.com will continue to operate throughout the process, for both servicing travel plans already booked through the websites and for new bookings.
The Company will provide updates throughout the restructuring process as events warrant. A copy of the CCAA Initial Order and other information can be found on the Monitor's website at https://mnpdebt.ca/en/corporate/engagements/flighthub-group.
About FlightHub and Justfly
FlightHub and Justfly are among the world's leading online travel agencies. They make travel accessible, allowing more people to visit new places and explore different cultures by offering the cheapest flight on worldwide destinations. This is achieved by investing heavily in both technology and people, streamlining and optimizing the customer experience. Visit flighthub.com or justfly.com to book online.
SOURCE FlightHub
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