The 16 tour operators owned by bankrupt US company, Far & Wide, have started going ‘under the hammer’ in a Florida bankruptcy court.
The first batch of auctions saw the sale of six Far & Wide brands. Grand European Tours, Swain Australia Tours, African Travel and Lion World have been reported in the US media as being sold for $10 million to The Travel Corp.
The remaining two operators that were sold last week were High Country Passage and Pacific Bestours.
Another auction has been scheduled for later on this month. Far & Wide, a Miami-based holding company for 21 operators, filed for Chapter 11 bankruptcy on 24 September. According to the US media, consumers have begun to file insurance claims.
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26-Sept-2003 US travel firm Far&Wide collapses
