Overview

• An Ontario court has extended Hudson’s Bay’s creditor protection under the CCAA to July 31, allowing more time to complete its asset and lease sales.
• The company has received 17 bids for assets, including intellectual property, and 12 bids for 39 store leases, with buyer decisions expected by early to mid-June.
• Liquidation sales, expected to conclude by June 1, have generated surplus cash, enabling up to $165 million in repayments to senior lenders.
• Initial debt repayments of $46 million to Restore Capital LLC and $24.6 million to Bank of America are scheduled for distribution around May 23.
• The retailer’s wind-down will see stores vacated by the end of June, marking the end of its historic 355-year retail legacy.