Latest news with #Court-appointed
Business Wire
23-05-2025
- Business
- Business Wire
Hudson's Bay Announces First Agreement to Monetize Certain of its Leases
TORONTO--(BUSINESS WIRE)--Hudson's Bay Company ULC (' Hudson's Bay ' or the ' Company '), as part of its ongoing restructuring under the Companies' Creditors Arrangement Act (' CCAA '), today announced that it has entered into a definitive agreement to pursue the assignment of up to 28 lease locations in Ontario, Alberta and British Columbia (the ' Assigned Leases ') to Ruby Liu Commercial Investment Corp (the ' Purchaser '), a corporation indirectly controlled by Ms. Ruby Liu, for the purposes of launching a new modern department store concept in Canada (the ' Transaction '). An affiliate of the Purchaser is an existing landlord at three of the Company's leased locations in British Columbia, which are included in the Transaction. The agreement is the result of the previously announced lease monetization process approved by the Ontario Superior Court of Justice (Commercial List) (the ' Court '), whereby the Company sought sale proposals from qualified bidders in respect of the Company's leases. Following careful evaluation of final qualified bids, the board of directors of the Company, in consultation with the Company's financial advisor and broker, respectively, certain of the Company's senior lenders and the Court-appointed monitor of the Company (the ' Monitor '), have determined that entering into the Transaction is in the best interests of the Company and its stakeholders. The Company remains in discussions with other qualified bidders in respect of certain other lease locations, and will communicate the outcome of those discussions, as appropriate, in the future. The assignment of the Assigned Leases to the Purchaser is conditional upon satisfactory receipt of applicable landlord consents and/or approval of the Court, and certain other terms and conditions set out in the agreement between the Company and the Purchaser. There can be no assurances that the conditions to closing will be satisfied, including within applicable deadlines to complete the Transaction. About Hudson's Bay Company ULC Hudson's Bay Company ULC is a Canadian entity that includes the retail company Hudson's Bay, comprising approximately 80 stores which are in the process of being liquidated in accordance with the CCAA proceedings. Additional Information Court filings as well as other information related to the Company's CCAA proceedings are available on the Monitor's website at Information regarding the CCAA proceedings may also be obtained by calling the Monitor's hotline at (416) 847-5157 (toll free), or by email at hudsonsbay@ Hudson's Bay will continue to provide updates regarding the CCAA proceedings as developments or circumstances may warrant.
Yahoo
23-05-2025
- Business
- Yahoo
Hudson's Bay Announces First Agreement to Monetize Certain of its Leases
TORONTO, May 23, 2025--(BUSINESS WIRE)--Hudson's Bay Company ULC ("Hudson's Bay" or the "Company"), as part of its ongoing restructuring under the Companies' Creditors Arrangement Act ("CCAA"), today announced that it has entered into a definitive agreement to pursue the assignment of up to 28 lease locations in Ontario, Alberta and British Columbia (the "Assigned Leases") to Ruby Liu Commercial Investment Corp (the "Purchaser"), a corporation indirectly controlled by Ms. Ruby Liu, for the purposes of launching a new modern department store concept in Canada (the "Transaction"). An affiliate of the Purchaser is an existing landlord at three of the Company's leased locations in British Columbia, which are included in the Transaction. The agreement is the result of the previously announced lease monetization process approved by the Ontario Superior Court of Justice (Commercial List) (the "Court"), whereby the Company sought sale proposals from qualified bidders in respect of the Company's leases. Following careful evaluation of final qualified bids, the board of directors of the Company, in consultation with the Company's financial advisor and broker, respectively, certain of the Company's senior lenders and the Court-appointed monitor of the Company (the "Monitor"), have determined that entering into the Transaction is in the best interests of the Company and its stakeholders. The Company remains in discussions with other qualified bidders in respect of certain other lease locations, and will communicate the outcome of those discussions, as appropriate, in the future. The assignment of the Assigned Leases to the Purchaser is conditional upon satisfactory receipt of applicable landlord consents and/or approval of the Court, and certain other terms and conditions set out in the agreement between the Company and the Purchaser. There can be no assurances that the conditions to closing will be satisfied, including within applicable deadlines to complete the Transaction. About Hudson's Bay Company ULC Hudson's Bay Company ULC is a Canadian entity that includes the retail company Hudson's Bay, comprising approximately 80 stores which are in the process of being liquidated in accordance with the CCAA proceedings. Additional Information Court filings as well as other information related to the Company's CCAA proceedings are available on the Monitor's website at Information regarding the CCAA proceedings may also be obtained by calling the Monitor's hotline at (416) 847-5157 (toll free), or by email at hudsonsbay@ Hudson's Bay will continue to provide updates regarding the CCAA proceedings as developments or circumstances may warrant. View source version on Contacts VP, Corporate Communications Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
23-05-2025
- Business
- Cision Canada
LION ELECTRIC ANNOUNCES COMPLETION OF REORGANIZATION TRANSACTION Français
MONTREAL, May 23, 2025 /CNW/ - The Lion Electric Company ("Lion" or the "Company"), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, announced today the completion of the transactions (collectively, the "Transactions") contemplated by the previously announced definitive agreement (the "Definitive Agreement") dated May 15, 2025, entered into with a corporation newly incorporated for the sole purpose of completing the Transactions on behalf of a consortium comprised of Quebec based investors. The Definitive Agreement was entered into in connection with the Company's proceedings under the Companies' Creditor Arrangement Act (Canada) (the "CCAA Proceedings") and the related sale and investment solicitation process conducted under the supervision of the Superior Court of Quebec (Commercial Division) (the "Court") and Deloitte Restructuring Inc., in its capacity as Court-appointed monitor of the Company and its subsidiaries (in such capacity, the "Monitor"). The Definitive Agreement and the transaction contemplated thereby were approved by the Court on May 22, 2025. Pursuant to the Transactions: (i) all of the issued and outstanding common shares of the Company, as well as any and all options, warrants and other instruments exercisable into, or convertible or exchangeable for, common shares of the Company, were ultimately cancelled for no consideration, (ii) certain excluded assets and excluded liabilities of the Company and its subsidiaries were vested-out and transferred to entities newly-incorporated for such purposes (the "ResidualCos"), and (iii) the Purchaser subscribed for a new class of common shares in the capital of the Company, as a result of which, upon closing of the transactions contemplated by the Definitive Agreement, the Purchaser became the sole shareholder of the Company. Following the completion of the Transactions, the Company and certain of its subsidiaries emerged from the CCAA Proceedings and ceased to be applicants thereunder. Upon closing of the Transaction, the ResidualCos became applicants in the CCAA Proceedings. It is expected that the ResidualCos will be liquidated and eventually would-up by way of bankruptcy proceedings. On May 15, 2025, the Autorité des marchés financiers issued a partial revocation order in respect of the failure-to-file cease trade order issued on April 17, 2025 (the "FFCTO") in respect of the securities of the Company, solely for the purpose of completing the Transactions with the Purchaser. Following completion of the Transactions, the Company intends to apply to cease to be a reporting issuer order in all of the provinces and territories of Canada and for a full revocation of the FFCTO. Related Party Transaction Disclosure The Purchaser is a "related party" of the Company as a result of Mr. Pierre Wilkie, a director of the Company, forming part of the consortium, and, accordingly, the Transactions constituted a "related-party transaction" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). As a result of the Company being the subject of insolvency proceedings and the transactions contemplated by the Definitive Agreement not providing any recovery to holders of the Company's equity securities, and subject to the orders granted by the Court under the Reverse Vesting Order, the Company relied on the exemptions to the formal valuation and majority of the minority approval requirements provided under Section 5.5(f) and 5.7(d), respectively, of MI 61-101. ABOUT LION ELECTRIC Lion Electric is an innovative manufacturer of zero-emission vehicles, including all electric school buses. Lion is a North American leader in electric transportation and designs, builds and assembles many of its vehicles' components, including chassis, battery packs, truck cabins and bus bodies. Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life. CAUTION REGARDING FORWARD-LOOKING STATEMENTS This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking statements"), including statements regarding the expectations that the Company cease to be a reporting issuer and that the FFCTO be fully revoked following completion of the transactions. Forward-looking statements may be identified by the use of words such as "believe," "may," "will," "continue," "anticipate," "intend," "expect," "should," "would," "could," "plan," "project," "potential," "seem," "seek," "future," "target" or other similar expressions and any other statements that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements may contain such identifying words. The forward-looking statements contained in this press release are based on a number of estimates and assumptions that Lion believes are reasonable when made. Such estimates and assumptions are made by Lion in light of the experience of management and their perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate and reasonable in the circumstances. However, there can be no assurance that such estimates and assumptions will prove to be correct. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. For additional information on estimates, assumptions, risks and uncertainties underlying certain of the forward-looking statements made in this press release, please consult section 23.0 entitled "Risk Factors" of the Company's annual management's discussion and analysis of financial condition and results of operations (MD&A) for the fiscal year 2023, as well as other documents filed with the applicable Canadian regulatory securities authorities and the Securities and Exchange Commission, including the Company's interim MD&As. Many of these risks are beyond Lion's management's ability to control or predict. All forward-looking statements attributable to Lion or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements contained and risk factors identified in the Company's annual MD&A for the fiscal year 2023 and in other documents filed with the applicable Canadian regulatory securities authorities and the Securities and Exchange Commission. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made. Except as required under applicable securities laws, Lion undertakes no obligation, and expressly disclaims any duty, to update, revise or review any forward-looking information, whether as a result of new information, future events or otherwise.
Yahoo
23-05-2025
- Business
- Yahoo
LION ELECTRIC ANNOUNCES COMPLETION OF REORGANIZATION TRANSACTION
MONTREAL, May 23, 2025 /CNW/ - The Lion Electric Company ("Lion" or the "Company"), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, announced today the completion of the transactions (collectively, the "Transactions") contemplated by the previously announced definitive agreement (the "Definitive Agreement") dated May 15, 2025, entered into with a corporation newly incorporated for the sole purpose of completing the Transactions on behalf of a consortium comprised of Quebec based investors. The Definitive Agreement was entered into in connection with the Company's proceedings under the Companies' Creditor Arrangement Act (Canada) (the "CCAA Proceedings") and the related sale and investment solicitation process conducted under the supervision of the Superior Court of Quebec (Commercial Division) (the "Court") and Deloitte Restructuring Inc., in its capacity as Court-appointed monitor of the Company and its subsidiaries (in such capacity, the "Monitor"). The Definitive Agreement and the transaction contemplated thereby were approved by the Court on May 22, 2025. Pursuant to the Transactions: (i) all of the issued and outstanding common shares of the Company, as well as any and all options, warrants and other instruments exercisable into, or convertible or exchangeable for, common shares of the Company, were ultimately cancelled for no consideration, (ii) certain excluded assets and excluded liabilities of the Company and its subsidiaries were vested-out and transferred to entities newly-incorporated for such purposes (the "ResidualCos"), and (iii) the Purchaser subscribed for a new class of common shares in the capital of the Company, as a result of which, upon closing of the transactions contemplated by the Definitive Agreement, the Purchaser became the sole shareholder of the Company. Following the completion of the Transactions, the Company and certain of its subsidiaries emerged from the CCAA Proceedings and ceased to be applicants thereunder. Upon closing of the Transaction, the ResidualCos became applicants in the CCAA Proceedings. It is expected that the ResidualCos will be liquidated and eventually would-up by way of bankruptcy proceedings. On May 15, 2025, the Autorité des marchés financiers issued a partial revocation order in respect of the failure-to-file cease trade order issued on April 17, 2025 (the "FFCTO") in respect of the securities of the Company, solely for the purpose of completing the Transactions with the Purchaser. Following completion of the Transactions, the Company intends to apply to cease to be a reporting issuer order in all of the provinces and territories of Canada and for a full revocation of the FFCTO. Related Party Transaction Disclosure The Purchaser is a "related party" of the Company as a result of Mr. Pierre Wilkie, a director of the Company, forming part of the consortium, and, accordingly, the Transactions constituted a "related-party transaction" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). As a result of the Company being the subject of insolvency proceedings and the transactions contemplated by the Definitive Agreement not providing any recovery to holders of the Company's equity securities, and subject to the orders granted by the Court under the Reverse Vesting Order, the Company relied on the exemptions to the formal valuation and majority of the minority approval requirements provided under Section 5.5(f) and 5.7(d), respectively, of MI 61-101. ABOUT LION ELECTRIC Lion Electric is an innovative manufacturer of zero-emission vehicles, including all electric school buses. Lion is a North American leader in electric transportation and designs, builds and assembles many of its vehicles' components, including chassis, battery packs, truck cabins and bus bodies. Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life. CAUTION REGARDING FORWARD-LOOKING STATEMENTS This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking statements"), including statements regarding the expectations that the Company cease to be a reporting issuer and that the FFCTO be fully revoked following completion of the transactions. Forward-looking statements may be identified by the use of words such as "believe," "may," "will," "continue," "anticipate," "intend," "expect," "should," "would," "could," "plan," "project," "potential," "seem," "seek," "future," "target" or other similar expressions and any other statements that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements may contain such identifying words. The forward-looking statements contained in this press release are based on a number of estimates and assumptions that Lion believes are reasonable when made. Such estimates and assumptions are made by Lion in light of the experience of management and their perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate and reasonable in the circumstances. However, there can be no assurance that such estimates and assumptions will prove to be correct. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. For additional information on estimates, assumptions, risks and uncertainties underlying certain of the forward-looking statements made in this press release, please consult section 23.0 entitled "Risk Factors" of the Company's annual management's discussion and analysis of financial condition and results of operations (MD&A) for the fiscal year 2023, as well as other documents filed with the applicable Canadian regulatory securities authorities and the Securities and Exchange Commission, including the Company's interim MD&As. Many of these risks are beyond Lion's management's ability to control or predict. All forward-looking statements attributable to Lion or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements contained and risk factors identified in the Company's annual MD&A for the fiscal year 2023 and in other documents filed with the applicable Canadian regulatory securities authorities and the Securities and Exchange Commission. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made. Except as required under applicable securities laws, Lion undertakes no obligation, and expressly disclaims any duty, to update, revise or review any forward-looking information, whether as a result of new information, future events or otherwise. SOURCE The Lion Electric Co. View original content: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Hindustan Times
21-05-2025
- Climate
- Hindustan Times
Assam urges SC to probe Meghalaya hill degradation causing floods in Guwahati
Silchar: The Assam government has appealed to the Supreme Court-appointed Central Empowered Committee (CEC) to investigate the increasing deforestations and constructions on the hills of Meghalaya which are affecting the flood situation in Guwahati, chief minister Himanta Biswa Sarma said on Wednesday. Sarma in the past had blamed University of Science and Technology Meghalaya (USTM) for illegal deforestation and constructions on the hills of Meghalaya adjacent to Guwahati, claiming that these constructions were causing floods in Guwahati. On Wednesday, he said that two more massive buildings are being constructed near the USTM in Meghalaya and this has triggered him to knock on the doors of the Supreme Court. While addressing a press conference in Golaghat's Dergaon following a cabinet meeting, Sarma said, 'While coming here yesterday, I noticed two more massive constructions near USTM. If this continues, Guwahati will become an ocean during the rainy seasons.' He said that the state government has formally appealed to the Supreme Court's empowered committee to visit the hills of Meghalaya to examine the matter. 'We received a positive response from the empowered committee and in the next two or three months, they are expected to visit here,' Sarma said. The Guwahati city has been struggling with waterlogging due to heavy rainfall for the past 4–5 days and several areas have been identified as landslide-prone by the Assam State Disaster Management Authority (ASDMA). The city witnessed waterlogging and remained flooded for hours on Tuesday and Wednesday after continuous rainfall for several hours, leading to heavy traffic congestion, mudslides and some schools remaining shut. As per rainfall data recorded by the India Meteorological Department (IMD) on Tuesday, several locations in and around Guwahati received substantial downpours of 110 mm to 115 mm. IMD Guwahati has predicted heavy to very heavy rainfall over isolated places in Assam and nearby areas for the next two to three days, which may go up to 200 mm.
