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Reitmans (Canada) Limited Announces Court Approval of the CCAA Plan of Arrangement
Reitmans (Canada) Limited Announces Court Approval of the CCAA Plan of Arrangement ...
About this update from Reitmans (canada) Limited
[{"type":"text","content":"\n \n \n \n Reitmans (Canada) Limited Announces Court Approval of the CCAA Plan of Arrangement\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n MONTREAL\n \n ,\n \n Jan. 4, 2022\n \n /CNW Telbec/ - Reitmans (\n \n Canada\n \n ) Limited (\"\n \n Reitmans\n \n \" or the \"\n \n Company\n \n \") (TSXV: RET) (TSXV: RET.A) today announces that it has obtained a sanction order from the Québec Superior Court for the Company's Plan of Arrangement under the\n \n Companies' Creditors Arrangement Act\n \n (the \"\n \n CCAA\n \n \"). Under the Plan of Arrangement, Reitmans will distribute an aggregate amount of\n \n $95 million\n \n (the \"\n \n Settlement Amount\n \n \") to its creditors in full and final settlement of all claims affected by the Plan of Arrangement, including an initial payment of up to\n \n $20,000\n \n per claim plus, if applicable, a pro rata distribution of the remaining balance of the Settlement Amount. The Settlement Amount is expected to be paid to the Company's creditors from a portion of the funds available under the senior secured asset-based revolving facility of up to\n \n $115 million\n \n to be entered into with BMO Bank of\n \n Montreal\n \n (\n \n https://reitmans.mediaroom.com/index.php?s=8530&item=137294\n \n ).\n \n \n Ernst & Young Inc. is acting as the Monitor appointed under the CCAA process. All documents relating to the CCAA process, including the Plan of Arrangement, are available at\n \n www.ey.com/ca/Reitmans\n \n . The Company expects to continue to make announcements as further material progress is made.\n \n \n \n About Reitmans (\n \n Canada\n \n ) Limited\n \n \n \n The Company is a leading women's specialty apparel retailer with retail outlets throughout\n \n Canada\n \n . The Company operates 413 stores consisting of 242 Reitmans, 93 Penningtons and 78 RW&CO. The Company is a publicly traded company listed on the TSX Venture Exchange (TSX-V:  RET, RET-A). For more information, visit\n \n www.reitmanscanadalimited.com\n \n .\n \n \n \n Forward-Looking S...