Reitmans leaves legal protection after 20 months; pays $ 95 million to creditors – Business News

Reitmans leaves the protection

The Canadian Press – | History: 356835

Reitmans (Canada) Ltd. says it has paid creditors $ 95 million as it leaves creditor protection after about 20 months.

The Montreal-based company says it has paid the court-appointed monitor Ernst & Young Inc. to distribute funds to creditors according to the agreement plan.

A list of known creditors from September 2020, posted online by the monitor, shows that Reitmans owed a total of $ 192,656,167 at the time.

The company says it has also obtained a credit facility of up to $ 115 million from the Bank of Montreal.

The funds will be used to pay creditors for working capital and other purposes, including new store openings and renovations.

Reitmans applied for creditor protection and received a first order under the Companies’ Creditors Arrangement Act in May 2020.

The women’s clothing retailer operates 412 stores consisting of 241 Reitmans, 93 Penningtons and 78 RW&CO.

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