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DAVIDsTEA Secures Authorization to Call Creditors' Meeting As Quebec Superior Court Extends Stay Order to July 16

05/07/2021 09:44

01:31 PM EDT, 05/07/2021 (MT Newswires) -- DAVIDsTEA (DTEA) said the Quebec Superior Court has authorized the company to call a meeting of its creditors and extended a stay of all proceedings against it to July 16.

The company has also obtained an order from the court authorizing it to file its plan of arrangement, according to a statement Friday. The meeting is scheduled for June 11.

The plan -- to be submitted to creditors for approval June 11 -- provides that DAVIDsTEA will distribute C$18 million ($14.7 million) to its creditors and those of its wholly owned US subsidiary, DAVIDsTEA (USA) Inc., in a "full and final settlement of all claims."

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