WorldVentures is set to exit bankruptcy following a proposed acquisition by Verona International Holdings, a deal valued at over $82.5 million. The agreement, announced in a June 3rd press release, outlines a plan for reorganization under bankruptcy code. This pact aims to repay pre-bankruptcy sales representative commissions and other outstanding debts.
The travel company will continue its operations under both the WorldVentures and DreamTrips brand names. Verona International Holdings, described in the WorldVentures release as experienced in the travel industry with a successful history of acquiring and restructuring troubled companies, will sponsor the reorganization.
Curiously, initial searches for "Verona International Holdings" yielded no independent online presence, appearing only in WorldVentures' own press statements. This absence of information is notable given Verona's purported "successful track record." WorldVentures also quoted an unnamed "Verona International Holdings representative" rather than a specific executive, a detail that raises questions.
Further developments in January 2022 revealed that Mark and Tammy Smith have become full equity partners in Verona International Holdings. This entity is identified as the parent company of DreamTrips International, LLC and Rovia I, LLC. Mark and Tammy Smith now lead the rebooted WorldVentures operation, now known as DreamTrips, with Mark Smith serving as CEO and Tammy Smith as Chief Field Officer.
The reorganization plan is slated for submission to the bankruptcy court for approval in the coming weeks. This publication will continue to monitor the WorldVentures bankruptcy case docket for further details.