On July 31th, 2015, Laura’s Shoppe (P.V.) Inc. ("Laura", the "Company" or the "Debtor") filed a notice of intention to file a proposal pursuant to Section 50.4 (1) of the Bankruptcy and Insolvency Act (the "BIA") and KPMG inc. (“KPMG”) has consented to act as Trustee under the proposal.
On August 12, 2015, the Commercial Division of the Quebec Superior Court of the District of Montreal (the "Court") has issued an order (the "Initial Order") pursuant the Companies’ Creditors Arrangement Act ("CCAA") which provides a stay of proceedings against the Debtor until September 11, 2015. This delay has been extended to November 30, 2015.
Pursuant to the Initial Order, KPMG was appointed Monitor of the Company and the proposal proceedings commenced by Laura under the BIA are hereby taken up and continued under the CCAA.
Pursuant to the Order for the Filing of the Plan of Compromise and Arrangement and the Calling of a Creditors' Meeting, a meeting of Creditors will therefore be held on November 19, 2015 at 11:00 a.m. (Eastern Standard Time) at the Hilton Garden Inn, 380 Sherbrooke St. West, Montreal, Quebec, H3A 0B1, in the James McGill ABC Room. All the documents in relation to this meeting are available on our website.