Payless Canada

Payless Canada's insolvency proceedings in Ontario commenced on January 16, 2020, with the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended, recorded as the statutory basis; the file is now closed. Each of the Payless Canada Entities stood as guarantor under two syndicated facilities as at the Initial Order filing date: the Term Loan Credit Facility, with aggregate debt of $366,957,360 translated to Canadian dollars, agented by Cortland Products Corp. as administrative and collateral agent, and the ABL Credit Facility, with aggregate debt of $207,439,460 translated to Canadian dollars, agented by Wells Fargo Bank, National Association. The List of Known Creditors as of the Initial Order date shows unsecured claims against Payless ShoeSource Canada dominated by intercompany balances, including $39,174,207.10 owing to Payless ShoeSource Distribution, Inc. and $3,977,807.67 to Payless ShoeSource Worldwide, alongside personal-injury and litigation claims, provincial workers' compensation boards, and tax authorities including the Canada Revenue Agency.