Monday,  October 26, 2020  5:23 pm

Atrium restructures under the protection of the "Bankruptcy Law"

Atrium restructures under the protection of the "Bankruptcy Law"
Sylvain Lastère, President of the Atrium Group.

Searching the records of the Office of the Superintendent of Bankruptcy these days, one can see the name of the Atrium Group and its divisions Voyage Vasco and Voyage Gama.

The same document designates the syndic Raymond Chabot inc. as an insolvency licensee or appointed administrator.

What is happening with Groupe Atrium?

First of all, it should be remembered that when a company places itself under the protection of the Bankruptcy and Insolvency Act, it does not mean that it is bankrupt. This means that it must restructure itself under the protection of the courts. The company can continue its activities, but will have to present a recovery plan.

PAX's Quebec bureau PAX Nouvelles asked Sylvain Lastère, President of the Atrium Group, to comment on the situation. 

He provided us with a short statement in writing.

"A corporate restructuring...without consequences for the banners."

"We took advantage of this difficult period to proceed with a corporate restructuring,"  he indicates, before ensuring that "this restructuring has no impact on the existence of either of our two banners. "

 Lastère explains that the restructuring aims to put an end to a certain confusion which is current in the industry.

Abandonment of the GROUPE ATRIUM name?

“The name 'GROUPE ATRIUM,' which we have used for several years in the travel industry to identify the joint team that manages our two independent banners (Voyage Vasco and Voyage Gama), has been dropped in order to avoid confusion. Sometimes the responsibilities of one banner were put on the back of the other banner," he writes.

But why must this step be taken through the Bankruptcy Act?

"This 'abandonment' [of the name 'GROUPE ATRIUM'] is being done through the Bankruptcy Act for reasons that only our accountants / lawyers can explain, " said Mr. Lastère.

But let's repeat the most important message, arguably, to the president of Atrium:

“This restructuring has no impact on the existence of either of our two banners."


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