Latest news with #BankruptcyandInsolvencyAct
Cision Canada
08-05-2025
- Business
- Cision Canada
ARENA PROCEEDS WITH ENFORCEMENT ACTION
VANCOUVER, BC, May 8, 2025 /CNW/ - Lithium Energi Exploration Inc. (TSXV: LEXI) (the "Company" or "LEXI") today announces that Arena Investors LP ("Arena") has provided the Company with a notice pursuant to Section 61 of the Personal Property Securities Act (British Columbia) (the "Enforcement Action") that Arena seeks to take all of the issued and outstanding shares in Lithium Energi Argentina S.A. (the "Collateral") in full and final satisfaction for payment of the $7,000,000 in principal, and all associated interest, outstanding pursuant to the secured credit agreement entered into between the Company and Arena dated February 1, 2023, as amended (the "Credit Agreement"). The Enforcement Action was delivered after the Company received a notice of default and a notice of intention to enforce security pursuant to Section 244(1) of the Bankruptcy and Insolvency Act (Canada) as announced on March 7, 2025. The Company engaged in discussions with Arena to evaluate potential solutions to enable the Company to carry on in some form, and sought alternative sources of financing to repay the amounts outstanding under the Credit Agreement, but was unable to arrange an alternative transaction. Upon realization of the Collateral, the Company will no longer have any active business operations, and it expects that it will be transferred to the NEX board of the TSX Venture Exchange. About Lithium Energi Exploration, Inc. Lithium Energi Exploration, Inc. is an exploration company focused on the acquisition, exploration, and development of lithium brine assets in Argentina. Headquartered in Toronto, Ontario, with offices in Catamarca, Argentina, the Company's shares are listed on the TSX Venture Exchange (TSXV: LEXI), the Frankfurt Exchange (FSE: L09) and the U.S. OTC markets (OTC: LXENF). LEXI's portfolio of prospective lithium brine concessions in the Argentina Province of Catamarca (heart of the lithium triangle) includes approximately 57,000 hectares and a 20% interest in Triangle Lithium Argentina, S.A., which owns an additional 15,000 hectares - all located in and around the Antofalla Salar, one of the largest basins in the region, which is over 130 km long and up to 20 km across and the Hombre Muerto Salar, Argentina's long-producing lithium basin. LEXI is committed to innovation, sustainability, and quality, striving to differentiate itself from other players in the industry to maximize its potential for success. For more information, please visit our website at ON BEHALF OF THE BOARD OF DIRECTORS ________________________ Ali Rahman, Chief Executive Officer and Director Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure its shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended.
Toronto Sun
07-05-2025
- Business
- Toronto Sun
Hudson's Bay insiders not bidding on business, assets or leases: court documents
Published May 07, 2025 • 1 minute read The Hudson's Bay flagship Toronto store at Queen St. W and Yonge St. on Tuesday March 18, 2025. Photo by Jack Boland / Toronto Sun A new court filing says several bids have been received for Hudson's Bay assets, but no offers have come from company insiders. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account An affidavit from Jennifer Bewley, chief financial officer of the retailer's parent company, indicates no insiders submitted a bid for the business or its assets by the April 30 deadline. The Bankruptcy and Insolvency Act defines insiders as people who control a business, whether alone or through a group. Bewley's affidavit also says that no insiders bid on the company's leases through a separate process looking for takers for its properties. She says all those identified as insiders have said they do not plan to make offers. The development puts an end to any possibility of Hudson's Bay governor and executive chairman Richard Baker soon regaining control of the business he has presided over since 2008. The court filing says the companies guiding Hudson's Bay through creditor protection are now sifting through bids for the ailing department store, its assets and leases. Television Toronto Maple Leafs Canada Columnists Sunshine Girls
Winnipeg Free Press
07-05-2025
- Business
- Winnipeg Free Press
Hudson's Bay insiders not bidding on business, assets or leases: court documents
TORONTO – A new court filing says several bids have been received for Hudson's Bay assets, but no offers have come from company insiders. An affidavit from Jennifer Bewley, chief financial officer of the retailer's parent company, indicates no insiders submitted a bid for the business or its assets by the April 30 deadline. The Bankruptcy and Insolvency Act defines insiders as people who control a business, whether alone or through a group. A Hudson's Bay department store is shown at Sherway Gardens in Toronto on Thursday, March 9, 2023. THE CANADIAN PRESS/Nathan Denette Bewley's affidavit also says that no insiders bid on the company's leases through a separate process looking for takers for its properties. She says all those identified as insiders have said they do not plan to make offers. The development puts an end to any possibility of Hudson's Bay governor and executive chairman Richard Baker soon regaining control of the business he has presided over since 2008. Winnipeg Free Press | Newsletter Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. Sign up for The Warm-Up The court filing says the companies guiding Hudson's Bay through creditor protection are now sifting through bids for the ailing department store, its assets and leases. This report by The Canadian Press was first published May 7, 2025.
Hamilton Spectator
03-05-2025
- Business
- Hamilton Spectator
Canadian eyewear retailer Hakim Optical files for creditor protection
Canadian eyewear retailer Hakim Optical is seeking creditor protection as part of restructuring proceedings. Hakim Optical Laboratory Limited filed a notice of intention (NOI) to make a proposal under the Bankruptcy and Insolvency Act on April 16. KSV Restructuring Inc. has been appointed as the licensed insolvency Trustee. According to the NOI filing, the proceedings are intended to give the company an opportunity to negotiate an asset purchase agreement with its senior secured lender, which would allow the company to continue operating. The NOI says the Toronto-based company is working to finalize the asset purchase agreement and intends to seek court approval of a sale process immediately after. The NOI filing shows the company owes more than $25 million — nearly $16 million of which is owed to its lone secured lender, a Bolton-based numbered company, 1001112855 Ontario Inc. Hakim Optical currently has more than 140 locations across Canada. The company was founded in 1967 by Iranian immigrant Karim Hakimi, who has a real-life rags to riches story. His father died when he was young and he worked from about age nine or 10 to support his family. In his young adult life, he was able to immigrate to Canada and worked in Toronto factories for six months before he opened his own wholesale optical business. He rented space in a downtown location and had a handwritten sign in front of his business. He sold glasses at discount prices and the business grew, eventually exceeding 160 stores, more than 600 employees and tens of millions of pairs of glasses sold. Metrolinx named a future stop on Toronto's Eglinton Crosstown LRT line in honour of him and another business leader, Joe Lebovic. The Hakimi Lebovic stop will be located on Eglinton Avenue at Hakimi and Lebovic avenues (west of Warden Avenue) in Scarborough.
Yahoo
23-04-2025
- Business
- Yahoo
Canadian retailer Frank And Oak to close retail stores permanently
Canadian clothing retailer Frank And Oak is set to close all 14 of its locations across Quebec, Ontario, and British Columbia, as well as transfer its brand rights. This follows as the Superior Court of Quebec sanctioned the brand's acquisition by Montreal-based Lamour Group and Thread Collective, reported The Canadian Press. The company was founded in 2012 and has 150 workers. On 15 April 2025, subsequent to a request from the debtor, the court granted an extension for the submission of a proposal and prolonged the stay period until 30 May. Concurrently, the court approved several orders on that date. These orders sanctioned actions including: the divestment of specific assets; permission to carry out inventory liquidation in accordance with established protocols; a concordat with a service provider; and provision for an initial disbursement to be made to the secured creditor. Frank And Oak is presently in the process of liquidation, leading to the definitive closure of its retail locations, with existing merchandise available at final clearance prices. During the period of this liquidation sale, Frank And Oak stores will continue to operate. Store closures are scheduled to commence over the next few weeks as part of this ongoing procedure. The company said that its website will remain functional throughout the liquidation process. Nonetheless, product availability may be restricted, and all transactions conducted during this period will be considered Final Sale with no returns or exchanges permitted. In December 2024, UCG Holdings Canada, doing business as Frank And Oak, submitted a notice of intent pursuant to the Bankruptcy and Insolvency Act to restructure citing economic challenges brought on by Covid-19 disruptions and supply chain issues. Thread Collective markets a range of products across various retail levels, from budget-friendly mass market stores to upscale department stores, niche boutiques, and sports equipment outlets. "Canadian retailer Frank And Oak to close retail stores permanently " was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
