Classic Vacation sale approved

Advertiser Staff

Classic Vacation Group Inc. said yesterday its shareholders approved a proposal to sell almost all of its assets and liabilities to Expedia Inc., as well as a plan of liquidation and dissolution.

The vacation travel services company said that the Classic Custom Vacation brand will continue as a new unit of Expedia and remain based at its headquarters in San Jose, Calif.

The sale of Classic's assets closed March 9 for about $1 million in cash and the cancellation of about $47 million of outstanding debt.

As part of the plan of complete liquidation of Classic Vacation, it will merge into a liquidating trust at the close of trading on March 21, when it will delist its stock from the American Stock Exchange.