Emerges from Recapitalization Process with Enhanced Liquidity to Support Long-Term Business Plan
Back to Travel Task Force Continues Preparation for the Return to Travel
CHARLOTTESVILLE, Virginia – September, 25, 2020 – Lakeland Tours, LLC, d/b/a WorldStrides (“WorldStrides”) today announced that it has completed its comprehensive financial recapitalization and the implementation of its plan of reorganization. As such, the Company has successfully emerged from the Chapter 11 process with significant financing to support execution of its long-term business plan and continue leading in experiential learning.
“We’re pleased to complete our reorganization even earlier than originally planned,” stated WorldStrides President and Chief Executive Officer Robert Gogel. “We’re grateful for the continued support of our shareholders, lenders, and employees throughout this process. With a strengthened capital structure, this significant milestone will enable WorldStrides to continue offering best-in-class educational travel and experiential learning opportunities.”
“In the near-term, with the completion of our recapitalization, we will continue working diligently to navigate the COVID-19 pandemic and provide cash refunds to travelers whose trips and programs were impacted by the pandemic,” continued Mr. Gogel. “Our Back to Travel Task Force has made significant progress in establishing guidelines around safely returning to program operations in the new COVID-19 world while partnering with our Program Leaders on future planning.”
WorldStrides is the global leader in educational travel and experiential learning. The company was founded in 1967 to provide middle school travel programs to Washington, D.C., and has grown to provide a wide range of programs for more than 550,000 students annually from more than 5,000 K12 schools and universities to over 100 countries around the world. WorldStrides offers experiential learning programs in educational travel, performing arts, language immersion, career exploration, service-learning, study abroad, and sports. Each of these experiences helps students to see beyond the classroom and to see the world – and themselves – in new ways. For more information on WorldStrides, visit www.worldstrides.com.
Stephanie KerrBack to Press Releases