US EditionHudson’s Bay Fights Lender that Wants Ruby Liu Deal Terminated: Court Docs
TORONTO, CANADA, JUL 14 – Hudson’s Bay insists the lease sale to Ruby Liu should proceed to recover cash despite lender claims of liquidation mismanagement and lease sale issues.
- Heading back to court on Tuesday, Hudson’s Bay will defend against lenders’ attempt to terminate the lease sale deal to Ruby Liu, The Canadian Press.
- After years of sales declines and mounting losses, Hudson’s Bay failed to secure needed financing, and Hilco with Restore Capital accuse it of bungling its liquidation.
- In his affidavit, Michael Culhane, chief operating officer and chief financial officer, pushed back on criticism of the liquidation, noting the lease deal is `expected to generate significant recoveries` for creditors.
- Responding in filings, Hudson’s Bay labeled the termination bid premature and will ask the court to dismiss the motion entirely.
- Looking ahead, Hudson’s Bay plans to seek court approval for another lease assignment at month’s end with a hearing set for July 31.
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Hudson's Bay fights lender that wants Ruby Liu deal terminated: court docs
TORONTO — Hudson’s Bay is firing back at one of its biggest lenders.
Hudson's Bay fires back at lender seeking termination of Ruby Liu deal: court docs
A new court filing from Hudson’s Bay chief financial officer pushes back on calls from one of the retailer's biggest lenders to subject it to more oversight because it allegedly mishandled its liquidation and is hopelessly pursuing a deal to sell 25 of its leases.
Hudson’s Bay Fights Lender That Wants Ruby Liu Deal Terminated: Court Docs
Hudson’s Bay is firing back at one of its biggest lenders. A new court filing from the defunct department store’s chief financial officer pushes back on the lender’s calls to subject the retailer to more oversight because it allegedly mishandled its liquidation and is hopelessly pursuing a deal to sell 25 of its leases. In the documents, Michael Culhane says it’s “neither fair nor credible” for Hilco Global to criticize the retailer for “matters…
Hudson's Bay fights back against lender that wants to terminate lease sales to Ruby Liu
Hudson’s Bay Co. wants an Ontario court to dismiss a motion brought forward by its senior lender that is trying to cancel the sale of its leases to billionaire Ruby Liu, according to a new court document.
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