Le Château announces completion of acquisition by Suzy’s
by CM Staff
Following completion of the Transaction, all of the directors and executive officers of Le Château and Château Stores Inc. have resigned effective upon closing.
MONTRÉAL — Le Château Inc. announces that, in connection with its creditor protection proceedings under the Companies’ Creditors Arrangement Act (the CCAA) and its previously announced sales solicitation process, the Company and its subsidiary, Château Stores Inc., received authorization from the Québec Superior Court (Commercial Division), on June 22, 2021, to complete the sale of all of their intellectual property as well as certain other assets to Suzy’s Inc. (Suzy’s) pursuant to an asset purchase agreement entered into between the Company, Château Stores Inc. and Suzy’s on June 18, 2021. Consequently, the Company and Château Stores Inc. today completed the Transaction.
The net proceeds from the Transaction are being reported upon by the Court-appointed monitor, PricewaterhouseCoopers LLP (the “Monitor”), and will be utilized or released pursuant to current orders of the Court and such further orders of the Court as may be granted from time to time.
Following completion of the Transaction, all of the directors and executive officers of Le Château and Château Stores Inc. have resigned effective upon closing. The Company wishes to thank each of them for their stewardship in guiding the Company through this very difficult corporate transition.