UPDATED: July 24, 2020
WorldStrides’ recent announcement of recapitalization secures new financing to support the future. Below are some answers to commonly asked questions.
How is WorldStrides handling the financial impact of the pandemic on the travel industry?
- We are pleased to have reached an agreement with our lenders and owners on a recapitalization that will strengthen the Company’s financial position.
- This recapitalization will support WorldStrides’ ongoing business operations and the continued payment of cash refunds to travelers whose trips and programs were impacted by COVID-19 and were unable to join a rescheduled trip.
- We look forward to continuing our successful 50-year history offering innovative programs and transformative experiences for our participants around the world.
How does this announcement impact our future tour, event or program?
- The Company’s approach for managing future travel plans remains the same.
- The policies and safety protocols we have shared with you related to rescheduled trips or programs as a result of COVID-19 are strong adjustments and have not changed.
- This is a financial exercise, and not an operational change.
Will our future tour, event or program be cancelled?
- This financial recapitalization will have no impact on your future program.
- WorldStrides is committed to student safety, and as the coronavirus and the response evolve, we will make changes as needed. We continue to discuss options for your program, which we remain optimistic will be safe to continue.
If I requested a refund for a program that I have not yet received, how does this impact me?
- We intend to continue paying customer refunds, which are being issued in the ordinary course of business.
- The policies established related to the payment of refunds as a result of COVID-19 have not changed.
Does this impact my travel credits?
- Your travel credits are valid, and will continue to be honored until December 2022.
Does this impact current deposits or rolled over deposited monies?
- Your deposit for your 2021 program is not impacted whatsoever. We continue to plan for 2021 programs and events.
I have a check I haven’t deposited from WorldStrides. Can I still cash it?
- Your check is valid, and can be deposited.
- UPDATED 7/27: If you were previously unable to cash a check, the administrative process associated with our recapitalization is complete and the check can be deposited at this time. If your bank does not permit re-depositing a check, please contact us at email@example.com and we will re-issue it.
If I am a vendor awaiting payment for a service or good, does this impact me?
- No. We expect to continue paying vendors and other partners in full in the ordinary course of business. You do not need to file a claim with the court.
I have received a legal notice regarding WorldStrides/Lakeland Tours filing. What do I do?
- A legal notice is pro forma for vendors, employees, landlords, and several other business stakeholders. No action is needed.