ARC Files Motion Against Far & Wide 2-11-2005

ARC filed a motion in the U.S. Bankruptcy Court, Southern District of Florida in Miami to force Far & Wide Travel Corp. to liquidate its remaining assets. The tour operator conglomerate has been in Chapter 11 bankruptcy since Sept. 24, 2003. ARC’s attorneys alleged that the chances for recovery of


ARC filed a motion in the U.S. Bankruptcy Court, Southern District of Florida in Miami to force Far & Wide Travel Corp. to liquidate its remaining assets. The tour operator conglomerate has been in Chapter 11 bankruptcy since Sept. 24, 2003.

ARC’s attorneys alleged that the chances for recovery of the company are negligible.

According to the filing, “The prospects for a recovery for unsecured creditors has grown more grim since the petition date, as the estates have become administratively insolvent ... with unpaid professional claims projected at $800,000 .... Most notable among them, the committee’s professionals have accrued a monstrous bill of $650,000 without generation of a single dollar of recovery for their constituents.”

The filing states that ARC lost approximately $2 million as a result of the Far & Wide collapse.

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