WorldVentures has filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code. Upon approval, the company should keep its ability to maintain daily operations, including commissions to WorldVentures representatives, payment of employee wages, and payment to vendors and suppliers. The company anticipates that it will be approved shortly after the commencement of its Chapter 11 case. According to COO Michael Poates, the COVID-19 pandemic “caused significant financial distress” to its travel business, and the filing will allow WorldVentures to restructure its debt and reorganize the company to become profitable again. During the bankruptcy process, It will continue to honor all commitments and travel obligations to DreamTrips members.
WorldVentures Files Chapter 11 Bankruptcy
