Hudson bay and its lender accuse the owners of “ulterior motives”

(Toronto) Hudson Bay. In addition. Meanwhile, one of its main lenders accuse the owners of having “ulterior motives” by opposing the sale of 25 leases to a billionaire from British Columbia. Moreover,

Updated yesterday at 3:06 p.m. Moreover,

In new court documents filed Thursday evening. Therefore. Similarly, the department store disappeared and the lender Pathlight Capital argue that the owners do not want Ruby Liu to buy the leases of the bay, preferring that the hudson bay its lender accuse new properties be returned hudson bay its lender accuse to them and that they are occupied or redeveloped as they please. Therefore. For example,

The “relentless campaign” led by the owners against M^me Liu aims to “ensure certain external advantages” rather than occupying their properties. For example, helping the bay to reimburse its creditors, said the American private investment manager. Nevertheless,

These accusations constitute the last salvo of a battle which broke out between the bay. Meanwhile. Moreover, the owners of the very popular properties that it has managed for a large part of its 355 years of history. Nevertheless,

When the bay collapsed under the weight of its debts in March. Therefore. Therefore, had to place itself under the protection of its creditors, it had to liquidate its 80 stores and 16 others occupied by hudson bay its lender accuse new SAKS in order to recover the liquidity of its hudson bay its lender accuse creditors. Consequently,

She then followed the usual path: selling her assets. Furthermore, including her leases, in order to recover as much money as possible for her lenders. For example,

Twelve bidders tried to acquire a total of 39 leases. For example, The bay has chosen the Central Walk of the British billionaire Ruby Liu to acquire most of it. Similarly.

M^me Liu has acquired three stores in British Columbia in shopping centers of which it owns a total of 6 million. Moreover, the transaction having been quickly approved by the court. Furthermore,

The other 25 she wishes to acquire for 69.1 million. as well as her project to transform them into department stores offering spaces for hudson bay its lender accuse new entertainment. catering and leisure, were strongly disputed.

The owners argue that M^me Liu should not be able to move. because leases do not allow most of the planned uses. its business plan is unrealistic given the tight deadlines it considers necessary.

They also claim that it does not have the funds. the experience necessary to launch and manage a new department store.

Pathlight judges that the owners oppose M^me Liu. because they prefer that the leases are terminated. a standard commercial procedure which consists in restoring the properties to their owners when the previous tenant finds no one willing or able to take over the lease.

The owners were able to bid for their own leases. This approach would have allowed them to avoid a hudson bay its lender accuse new court forcing them to accept a tenant under the conditions. hudson bay its lender accuse of the lease of the bay.

The department store was the main tenant of many goods and. therefore, displayed rents lower than those paid by an average occupant.

No owner has submitted for his own leases.

“We can therefore reasonably assume that the objections of the protester owners concern less central Walk itself. nor any real desire to find another department store that they consider more able to become the new main tenant. than the search for a means of buying their leases at no cost for themselves and without fallout for the applicants’ heritage,” said Pathlight in legal documents.

If they resumed control of their properties. Pathlight believes that the owners would be released hudson bay its lender accuse new from the lease restrictions which limit the use of their spaces. hudson bay its lender accuse

Pathlight affirms that several of the owners opponents plan. to redevelop the properties of the bay for commercial. offices, residential and recreational uses.

Hudson bay its lender accuse new

Hudson bay its lender accuse

Same story for the bay

The bay has approved the arguments of pathlight.

In her own submission. she pointed out that the leases requested by M^me Liu represent a value of several hundred millions of dollars. “various concessions” to which the protest owners cannot access as long as the leases of the bay are in force.

The retailer accused the owners of having always intended to reject the billionaire and stressed that they had confirmed it.

In court documents. counter-examination. the bay indicated that the owners had admitted hudson bay its lender accuse “that they would never accept to yield their leases to the buyer, whatever the business plan” presented by M^me Liu.

“One of the protester owners [QuadReal] did not even meet the buyer despite repeated requests, ”wrote the bay.

M file^me Liu takes up the same point and lists several reasons for which she was postponed by the owners. She alleges that some told her that they already had redevelopment projects. others attacked his credibility and one of them ended a first meeting after 10 minutes and refused to follow up.

A court will examine these arguments next week during a hearing to determine if M^me Liu can buy leases.

The owners benefit hudson bay its lender accuse new from the support of the judicial controller. a third party who oversees the file hudson bay its lender accuse to protect creditors. and another lender of the bay, restore capital.

Restore complained that the more the agreement with M^me Liu is slow to be approved by the court. the more his hopes of recovering his claims are diminishing.

At this stage, Restore estimates to receive 12.5 million revenues if the agreement with M^me Liu materializes. an amount much lower than that he would have perceived if the operation had already been concluded.

By comparison, Restore claims to have spent 11.7 million guarantees in rents between June. at the end of August. as well as tens of millions of dollars in professional fees, while the transaction awaited approval.

Restore said that hudson bay its lender accuse new the bay had “spent excessively” to “obtain only a clear reduction in its planned recovery”. hudson bay its lender accuse

The payroll. the benefits increased by more than 185 %. or 18 million, and the professional bay and controller fees increased by more than 250 %, or an additional 29 million, for a total of 41 million, said Restore.