Bank of Montreal provides restructuring exit financing to Reitmans
Canada | February 15, 2022
Client: Bank of Montreal
Our Montreal office represented the Bank of Montreal in its debtor-in possession financing and subsequent restructuring exit financing to Reitmans (Canada) Limited.
Bank of Montreal provided a C$60m debtor-in possession credit facility to Reitmans during its restructuring proceedings under the Companies’ Creditors Protection Arrangement Act (Canada) and subsequently a C$115m senior secured asset-based lending credit facility to support Reitmans’ emergence from such proceedings and for its ongoing working capital needs.
Reitmans is a leading women's specialty apparel retailer with retail outlets throughout Canada. The Company operates 412 stores consisting of 241 Reitmans, 93 Penningtons and 78 RW&CO. The company is a publicly traded company listed on the TSX Venture Exchange (TSX-V: RET, RET-A).
Bank of Montreal provided a C$60m debtor-in possession credit facility to Reitmans during its restructuring proceedings under the Companies’ Creditors Protection Arrangement Act (Canada) and subsequently a C$115m senior secured asset-based lending credit facility to support Reitmans’ emergence from such proceedings and for its ongoing working capital needs.
Reitmans is a leading women's specialty apparel retailer with retail outlets throughout Canada. The Company operates 412 stores consisting of 241 Reitmans, 93 Penningtons and 78 RW&CO. The company is a publicly traded company listed on the TSX Venture Exchange (TSX-V: RET, RET-A).