The bay counterattacks its lender demanding the end of the contract with Ruby Liu

(Toronto) Hudson’s bay retreated to one of his most important lenders. Similarly,

Posted at 11:37 a.m. Therefore, Updated at 2:42 p.m. Meanwhile,

In a new request filed in court. Furthermore. Similarly, the financial director of the missing department store refutes the accusations according to which he would have poorly managed his liquidation and would desperately seek to obtain an assignment of 25 of his leases. In addition,

In the bay bay counterattacks its lender demanding new counterattacks its lender demanding documents. Similarly. However, Michael Culhane maintains that he is “neither just nor credible” on the part of Hilco Global to criticize the retailer for “predictable, inevitable and/or, in many cases, motivated or contributed by Hilco’s conduct and commercial decisions”. Meanwhile,

The financial service company Hilco holds the main liquidator of the bay. Similarly, Hilco Merchant, as well as Restore Capital, one of the main lenders of the detainer. Therefore,

“Indeed. Consequently. In addition, many of the results that Hilco complains today are a direct consequence of the actions that she herself has taken in the exercise of her functions or were results that she knew or should have known that they could arise when she accepted and participated in the various processes she criticizes today,” said Mr. Consequently. Culhane in a declaration under an oath filed bay counterattacks its lender demanding new on Sunday with the Ontario bay counterattacks its lender demanding Superior Court. However,

Restore Capital was part of the group which lent 151.4 million to the Bay last December. Moreover, Last week. Similarly. the company accused the retailer, in documents deposited in court, of having wasted the guarantees of lenders by forcing the sale of twenty leases to the British-Colombian billionaire Ruby Liu. Meanwhile,

M^me Liu. Therefore. owner of three shopping centers, wishes to acquire the 25 properties in Alberta, British Columbia and Ontario to open a new department store in its name. Similarly, It has already bought the leases from three properties of its own shopping centers. used by bay and its subsidiary SAKS, for 6 million.

However. the owners opposed her acquisition of their leases. saying that she had not provided a sufficient bay counterattacks its lender demanding new business plan, despite the announcement of the bay counterattacks its lender demanding bay transaction on May 23.

Restore unveiled last week that she would ask a court on Tuesday to terminate the transaction. which is still to be approved by the owners and the court. Saturday evening. the company filed other documents supporting its arguments. qualifying the transaction with M^me Liu of “the most striking” example of the reason why his confidence in the direction of the bay “has completely collapsed”.

According to Restore. this “illusory” agreement is a “misadventure” which costs restore. other lenders of millions of dollars in rents and professional fees, an amount which could increase as the bay is awaiting the approval of the court for the transaction.

“If the transaction fails. no product will be achieved. the exorbitant costs incurred, bay counterattacks its lender demanding new and to engage for its realization, bay counterattacks its lender demanding will never be recovered,” warns Restore.

Lenders will be reimbursed, according to the bay

Mr. Culhane maintains that the sale should take place because it will generate “important” liquidity. that the retailer has no other transactions offering better conclusion prospects.

Judicial documents show that M^me Liu paid a deposit of 9.4 million, which would be equivalent to a purchase price of 94 million for 25 leases.

Mr. Culhane claims that lenders should collect the fruits of the agreements concluded with M^me Liu. from another unrecognized lease for which the company will ask for approval at the end of July. an auction that the bay plans to organize to sell its works of art and its artefacts.

He also reveals that bay counterattacks its lender demanding the company thinks that its. lenders will finally be reimbursed in full. because it seeks to obtain access to creditors to a surplus of their employees’ pension funds.

Mr. Culhane. who is also director of the exploitation of the bay. used the rest of his declaration under oath to contest the attempt to restore to extend the powers of Alvarez and Marsal, the controller previously appointed to guide the bay throughout the protection procedure against creditors.

If the court does not accept a “super controller” agreement, Restore suggests naming Richter Consulting as a receiver.

Restore indicates that this is necessary. because the bay has changed its liquidation by not correctly closing the stores and not removing facilities and equipment.

However, bay counterattacks its lender demanding new Mr. Culhane underlines that Hilco. with bay counterattacks its lender demanding Gordon Brothers. Tiger, the GA and SB360 Capital group, formed a council of trustees to manage the liquidation of the bay, after the retailer filed a request for protection against creditors in March.

This grouping meant that Hilco, the owner of Restore, was involved daily in the liquidation. Supervisors were present in each store in the bay. and the trustee council had all latitude to fix the calendar and the prices of furniture, layout and equipment sales. The members of the trustee council were also eligible for a 15 % commission on these sales.

According to Mr. Culhane. Hilco provided that sales of layouts would reach around 17 million, excluding taxes, but that the real figure was closer to 10.7 million.

Hilco attributes this bay counterattacks its lender demanding new shortfall of 6.3 million to late start -up. bay counterattacks its lender demanding the shorter period of sales. to the prolonged use of arrangements to present goods at an advanced stage of the process and to the inability to attract buyers wishing large quantities of products.

Another key factor was the absence of “appropriate. aggressive” discounts on furniture. layouts and equipment to guarantee sales, despite repeated requests from the bay for larger discounts, recalls Mr. Culhane.