Donnelly Group Announces Unanimous Approval of CCAA Restructuring Plan by Affected Creditors
The Vancouver-based company is successful in receiving needed votes for its proposal to financially restructure amid an embattled hospitality sector
VANCOUVER, BC, July 18, 2023 /CNW/ - Donnelly Group announces that Affected Creditors have approved the Plan of Arrangement (the "Plan") under the Companies' Creditors Arrangement Act (the "CCAA") at a meeting held yesterday by videoconference in accordance with the amended order granted by the Supreme Court of British Columbia (the "Court") on June 2, 2023.
The Plan was approved unanimously with all votes in favour and no votes against despite the highly distressed nature of the Canadian hospitality sector. Donnelly Group believes that this support is a testament to its determination to survive the financially crippling effects of the pandemic, as well as the strength of its relationships with vendors, suppliers and its communities.
"We're elated to receive the needed votes at the CCAA creditors meeting and are now on track to do exactly what we set out to do in financially restructuring with the aim of ensuring a sustained future and rooted legacy" says Donnelly Group founder Jeff Donnelly. "We so greatly appreciate the commitment and resilience of our employees, and unwavering support from our suppliers and communities."
Donnelly Group is seeking a Court order sanction of the amended Plan of Arrangement at a July 26, 2023 hearing after which it is prepared to carry out the Plan with the same resolve it committed to when commencing the CCAA.
Donnelly Group is a hospitality management company born of publican DNA that operates a diverse portfolio of brands. Each unique, but with a shared culture driven by a collective affinity for meaningful, thought and conversation provoking topics influenced by design, music, art, sports, and travel.
Its core portfolio consists of Freehouse Collective, a group of iconic public houses, cocktail clubs and restaurants in Vancouver and Toronto, Barber & Co barber shops and products, and Bomber Brewing.
For more information, please visit freehouse.co
SOURCE Donnelly Group
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