New Chapter 11 Filing – smarTours, LLC

On October 19, 2020, New York-based travel services provider smarTours, LLC, who offers “a carefully curated collection of 50 tour packages with airfare from the U.S.,” filed a petition with its parent company, SPST Holdings, LLC, for chapter 11 protection in the Bankruptcy Court for the District of Delaware (Case 20-12625).  The company reports $1 million to $10 million in assets and $10 million to $50 million in liabilities.  A link to the smarTours, LLC Chapter 11 petition can be found here.  The board resolutions authorize smarTours to obtain the use of cash collateral and DIP financing in the form of a delayed draw term loan promissory note.

Cole Schotz does not represent the Debtor in this case.  We are posting this for informational purposes only.  If you have received a notice and have any questions, you should contact Debtors’ counsel.

Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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