OneTravel Holdings and certain of its wholly-owned subsidiaries, OneTravel, Farequest Holdings, Flightserv and FS Tours, have filed voluntary petitions under Chapter 11, title 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Western District of Texas Midland Division.Interim debtor-in-possession financing has been approved by the Bankruptcy Court.
While under Chapter 11, OneTravel Holdings, Inc. plans to operate its business in the ordinary course under the protection of the bankruptcy court while seeking to work out a plan of reorganization that is in the best interests of its customers, employees, creditors and shareholders.
Effective as of the close of business on July 7, 2006, P. Roger Byer, John T. Sicilian, James A. Verbrugge and J. Michael Carroll resigned as directors of the Company; Jeffrey F. Willmott resigned his positions as director and Chairman of the Company; and Ronald L. Attkisson resigned his positions as director and Interim Chief Executive Officer of the Company.
Edward J. Wegel was elected a director of the Company on July 7, 2006. Mr. Wegel, who has been serving as Chief Restructuring Officer of the Company since May 30, 2006, was elected as Chief Executive Officer and President of the Company on July 10, 2006. Philip A. Ferri, who has been serving as Chief Financial Officer of the Company since April 28, 2005, was elected as Vice President, Secretary and Treasurer of the Company on July 10, 2006.
Currently, Mr. Wegel is the sole director of the Company. Mr. Wegel is also the Chief Executive Officer, President and Chief Restructuring Officer. Mr. Ferri is the Chief Financial Officer, Vice President, Secretary and Treasurer. There are currently no other executive officers of the Company.