Nine West Canada LP, the Canadian operations of the American fashion retail company, filed an NOI on April 6, while the parent company filed for US Chapter 11 bankruptcy, listing over $1.0B (USD) in liabilities. In order to focus on its stronger brands, like Anne Klein, the parent company plans to sell its namesake Nine West and Bandolino footwear and handbag businesses to Authentic Brands Group, who owns Juicy Couture and Aéropostale. The parent company has received $300.0MM (USD) in DIP financing, and has entered into a restructuring agreement with the parties that hold more than 78% of its secured-term debt and 89% of its unsecured-term debt. Richter is the proposal trustee in the Canadian proceedings.
Royer Developments 2015, an Edmonton, Alberta-based company specializing in excavation, site preparation and site remediation, filed an NOI on March 19, listing $3.6MM in liabilities, including $1.4MM to CRA. MNP is the proposal trustee.
Sequoia Resources Corporation, an oil and gas company based in Calgary, Alberta, filed an NOI on March 2, listing $21.4MM in liabilities, including $4.2MM to Green Horizon Energy Services. According to the Alberta Energy Regulator, the company owns licences for 2,300 wells and nearly 700 pipeline segments. These operating licences were ordered suspended after the company told the AER that it would soon cease operations and, as a result of defaults in municipal tax payments, would not be able to afford to reclaim all of its properties. PwC is the proposal trustee.
Écolait, a St-Hyacinthe, Quebec-based meat producer that specializes in milk-fed calves, filed an NOI on November 2. Richter is the proposal trustee.