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Kahunaverse Sports Group
Kahunaverse Sports Group, a Surrey, British Columbia-based retailer of multi-brand sporting equipment, apparel and accessories, and its subsidiary, Soccer Express Trading, filed NOIs on March 11. In recent years, the companies had been experiencing financial losses and challenges in its operations due to poor retail results and mergers of their corporate operations. Furthermore, the companies were compelled to close six of their retail stores as part of the effort to support social distancing. Prior to the NOI filings, the companies and their shareholders entered into a share purchase agreement with Greyrock Capital on the condition that the current debts be compromised. Greyrock Capital also agreed to provide interim financing to the companies to fund much needed working capital as the spring period is one of the busiest seasons of the year for sales. On March 30, the court granted orders approving the interim financing and extending the period in which the companies must file a proposal. PwC is the proposal trustee.