Global Events Partners Inc., a marketing consortium of destination management companies, and The Krisam Group Inc., a sister company that represented hotels to the meeting planning community, filed for bankruptcy protection under Chapter 11 on January 31 in California Northern Bankruptcy Court.
According to the voluntary petitions, in both cases, “the debtor claims that funds will be available for distribution to unsecured creditors.”
Chris White, founder of the Washington, D.C.–based companies—which ceased operations late last year—announced in October that GEP was closing seven of its company-owned and -managed DMCs. But the collapse of the marketing consortium of independently owned DMCs didn’t come until later.
Last November, White, who now lives in Northern California, told MeetingsNet that both companies were up for sale. Also in November, Associated Luxury Hotels International, a competitor in the hotel representation field, hired five of Krisam’s former employees. When White couldn’t find a buyer for the companies, operations “collapsed,” he told MeetingsNet in December. “I spent nearly 40 years building these companies, and I am absolutely devastated,” he said.