- The Company filed for creditor protection and obtained an initial order under the CCAA on May 19, 2020 , which was further amended and restated today until September 28, 2021 .
- The Company has elected to reduce the amount of the interim financing (DIP) entered into in connection with the CCAA process from $60.0 million to $30.0 million .
MONTREAL , May 25, 2021 /CNW Telbec/ - Reitmans ( Canada ) Limited (" Reitmans " or the " Company ") provides a further update today following its filing on May 19, 2020 for creditor protection pursuant to the Companies' Creditors Arrangement Act (the " CCAA "). Since its initial filing, the Company obtained extensions of the Initial Order until May 28, 2021 . Today, the Québec Superior Court issued an extension of the stay of proceedings pursuant to the CCAA until September 28, 2021 . The Company also announces that it has elected to reduce the amount of the interim financing (DIP) entered into in connection with the CCAA process from $60.0 million to $30.0 million .
Reitmans continues to make progress in the CCAA process with the assistance of Ernst & Young Inc., the Monitor appointed under the CCAA process, and expects to continue to make announcements as further material progress is made.
About Reitmans ( Canada ) Limited
The Company is a leading women's specialty apparel retailer with retail outlets throughout Canada . The Company operates 414 stores consisting of 245 Reitmans, 91 Penningtons and 78 RW&CO. The Company is a publicly traded company listed on the TSX Venture Exchange (TSXV: RET) (TSXV: RET-A). For more information, visit www.reitmanscanadalimited.com .
www.reitmanscanadalimited.com
SOURCE Reitmans ( Canada ) Limited
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