Lakeland Tours LLC, doing business as WorldStrides, won court approval of its bankruptcy plan giving equity in the educational travel company to its principal creditors.
The plan was approved Aug. 28 by Judge James L. Garrity Jr. of the U.S. Bankruptcy Court for the Southern District of New York, according to Nicole L. Greenblatt, an attorney at Kirkland & Ellis, which is representing the debtor.
The plan comes after WorldStrides entered a settlement Aug. 21 with groups of equity holders and noteholders.
The settlement gives $1.3 million in cash to certain unsecured note-holders, including Globetrotter Co-Investment B LP with a ...
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