Proceedings.

Yatsen Group of Companies Inc., et al

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Active
Proceeding
CCAACompanies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended
Court
Ontario Superior Court of Justice
File
CV-21-00655505-00CL
Filings held42
Last activity28 Sep 2021
On the record2,065 days
Secured debt$50M
OverviewSummary updated

Yatsen Group of Companies Inc. obtained protection under the Companies' Creditors Arrangement Act on January 25, 2021, when the Ontario Superior Court of Justice granted an initial order on the application of Yatsen, SAR Real Estate Inc. and the companies listed in Schedule A. Alvarez & Marsal Canada Inc. was appointed monitor. The proceedings are carried on the Commercial List in court file CV-21-00655505-00CL and remain active.

Claims processIf you are owed money

A claims procedure has been established — see the order for deadlines.

Per the Claims Procedure Order (August 4, 2021) dated 4 August 2021.

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Case updates40 dated entries · 2 undated
#Report

The officer filed report no. Sixth Report. The Applicants, having obtained creditor approval of their CCAA Plan at the September 9, 2021 meeting, are seeking court sanction and an extension of the stay to implement the Plan and terminate the CCAA proceedings; they continue to have negligible cash on hand, with rent obligations paid directly by Individual Opcos/franchisees and professional fees funded via draws on the DIP Facility.

Source: Sixth Report of the Monitor

#Report

The officer filed report no. Fifth Report. The Applicants have no employees and no operating cash flow of their own; rent obligations continue to be paid directly to landlords by Individual Opcos and franchisees, while the Applicants pursue lease terminations/amendments and a Plan of Compromise and Arrangement with landlords.

Source: Fifth Report of the Monitor

#Report

The officer filed report no. Fourth Report of the Monitor. The Applicants continue operating their restaurant business while negotiating lease amendments with landlords and disclaiming unsustainable leases, with rent for ongoing leases continuing to be paid by Individual Opcos.

Source: Fourth Report of the Monitor

#Report

The officer filed report no. Second Report of the Monitor. The Applicants continue operating their restaurant locations while negotiating lease amendments with landlords, having disclaimed 27 leases and vacated most of those and other expired locations; rent continues to be paid by Individual Opcos/franchisees on the Applicants' behalf.

Source: Second Report of the Monitor

Undated filings2 — no date appears on the document · show
—
Filing

Book of Authorities of the Applicants — Application filed

PDF

—
Filing

E-Service List — Application filed

PDF

Parties

Debtor

Yatsen Group of Companies Inc., et al

Monitor

Alvarez & Marsal

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice KoehnenOntario Superior Court of Justice2 orders, Aug 202173 cases on record
Justice HaineyOntario Superior Court of Justice2 orders, Jan 2021 – Mar 2021196 cases on record

Counsel of record

PartyCounselFirst seenSource
MonitorAlvarez & MarsalOsler, Hoskin & Harcourt LLP20 May 2021Service list · 20 May 2021
ApplicantYatsen Group of Companies Inc., et alGoodmans LLP29 Mar 2021Order · 29 Mar 2021
CreditorBrookfield Properties Retail IncMiller Thomson LLP20 May 2021Service list · 20 May 2021
CreditorCambridgeSide Galleria Associates Trust and New Westgate Mall LLCMirick, O'Connell Demallie & Lougee, LLP20 May 2021Service list · 20 May 2021
CreditorPence GroupCamelino Galessiere LLP20 May 2021Service list · 20 May 2021
CreditorReep-Rtl DTC VA LLCGoodwin Procter LLP · Norton Rose Fulbright Canada LLP20 May 2021Service list · 20 May 2021
CreditorWells Fargo Bank, National AssociationBlake, Cassels & Graydon LLP20 May 2021Service list · 20 May 2021
CreditorWestfieldMiller Thomson LLP20 May 2021Service list · 20 May 2021
Capital structureAs asserted in the filings
USD · stated amounts, drawn to scale
#Priority classCreditorAmountSource
4SecuredWells Fargo Bank, National Association (as administrative agent, and lenders under the Wells Fargo Credit Facility) · in 5 casesSecured guarantee granted by YGC; facility limit US$70 million revolving credit facility, of which approximately US$50 million drawn as at December 31, 2020; security perfected by PPSA registration in Ontario — YGC's guarantee obligation is secured; Wells Fargo to be treated as unaffected creditor and its security ranks ahead of/senior to the proposed Administration Charge and DIP Lender's Charge; security opinion pending (counsel's view subject to customary qualifications, formal opinion to be prepared) — debtor: SAR Holdings Inc. (SHI, non-Applicant borrower); guaranteed by Edjar Food Group · as of 31 Dec 2020$50M USDFirst Report of the Monitor
4Secured1699803 Ontario Inc. (DIP Lender)as of NOI/Pre-Filing Report date — DIP Lender's Charge over Applicants' Property; facility limit (not a balance) up to maximum principal amount of $5,000,000; subordinate to Wells Fargo's security — Related party: DIP Lender is an entity owned by the equity holders of the Company; amount is a facility limit, not a drawn balance — debtor: Yatsen Group of Companies Inc. (Administrative Borrower) and each of the other Applicants—First Report of the Monitor
8UnsecuredLandlords (rent arrears across Real Estate Segment leases held by Applicants) · in 5 casesAggregate arrears across Applicants' 189 leases; of this amount, US$8.4 million relates to leases guaranteed by YGC (a related-party guarantee); table also breaks down by entity (YGC $0 direct arrears/$8.4M guaranteed, SAR Real Estate $22.6M, Individual Leasecos (Applicants) $4.2M) — debtor: Applicants (SAR Real Estate and Individual Leasecos) · as of 31 Dec 2020$26.8M USDFirst Report of the Monitor

“not stated” means the record names the claim without a figure; “—” means not in the extracted record.

RecoveriesAs stated in the filings

Landlords: 50 % of allowed claims.Under the plan · implementedSixth Report of the Monitor · 10 Sep 2021

ClassCreditorClaimsRecoveryBasisSource
LandlordAffected Landlord Creditors—50 %of allowed claimsUnder the planimplementedper the monitorSixth Report of the Monitor · 10 Sep 2021

Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.

Fees and ratesAs stated in the filings

1 engagement · 1 firm — Osler, Hoskin & Harcourt LLP, 21 Jan – 8 Sep 2021Sixth Report of the Monitor · 10 Sep 2021

FirmPeriodHoursFeesRatesSource
Osler, Hoskin & Harcourt LLPCounsel21 Jan – 8 Sep 2021250.4—$794.34stated averageSixth Report of the Monitor · 10 Sep 2021
Estate financialsReported figures — never derived

Cumulative receipts

$0

As at 18 Jun 2021Third Report of the Monitor

Cumulative disbursements

$-500K

As at 18 Jun 2021Third Report of the Monitor

Cash on hand

$0

As at 29 Jul 2021Fifth Report of the Monitor

Professional fees to date

$433K

As at 10 Sep 2021Sixth Report of the Monitor

Documents
42 filings
DateDocumentFile
Monitor’s Certificate of Plan Implementation (September 28, 2021)PDF
Factum of the Applicants returnable September 20, 20214PDF
Motion Record returnable September 20, 2021PDF
Sanction Order (September 20, 2021)
  • Presiding officer Justice Cavanagh
  • Recovery outcome Entries: per unstated; per plan · Stated on: 2021-09-09 · Table missing:
PDF
Sixth Report of the Monitor
  • Cash on hand Note: As at the date of the Sixth Report; described as negligible with no dollar figure given. · Currency: CAD · Qualifier: negligible
  • Fee schedule Engagements: Form: time_summary · Rows: · Money: Approximate: false · Period: End: 2021-09-08 · Kind: invoice · Label: Billing Period · Quote: During the period from January 21, 2021 to September 8, 2021 (the ' Billing Period '), the total fees billed by Osler were · Start: 2021-01-21 · Approval: State: unstated · Averages: exclusive of applicable taxes · Currency: · Invoices: · Firm text: Osler · Firm quote: the Statements of Account of Osler in respect of services rendered to A&M · Hours total: Quote: 250.4 hours were incurred by Osler personnel during the Billing Period · Value: 250.4 · Context quote: the total fees billed by Osler were
  • Operational summary The Applicants, having obtained creditor approval of their CCAA Plan at the September 9, 2021 meeting, are seeking court sanction and an extension of the stay to implement the Plan and terminate the CCAA proceedings; they continue to have negligible cash on hand, with rent obligations paid directly by Individual Opcos/franchisees and professional fees funded via draws on the DIP Facility.
  • Professional fees $433K · Note: Comprised of fees of $353,769.50, disbursements of $29,653.26 and HST of $49,844.96; Osler (Canadian counsel) fees separately totalled $223,206.98 for Jan 21-Sept 8, 2021 and Young Conaway (US counsel) fees totalled US$151,823.68 for Jan 22-Jul 31, 2021. · Party: Monitor (Alvarez & Marsal Canada Inc.) · Period: January 23, 2021 to September 2, 2021
  • + 3 more extracted facts
PDF
Supplemental Affidavit of Joseph McCullagh sworn September 10, 2021PDF
D&O Proof of Claim Instruction LetterPDF
Notice of Meeting of CreditorsPDF
Proof of Claim Instruction LetterPDF
Claims Procedure Order (August 4, 2021)
  • Presiding officer Justice Koehnen
PDF
Factum of the Applicants returnable August 4, 2021PDF
Meeting Order (August 4, 2021)
  • Counsel Goodmans LLP
  • Presiding officer Justice Koehnen
PDF
Motion Record returnable August 4, 2021PDF
Affidavit of Joseph McCullagh sworn July 30, 2021PDF
Fifth Report of the Monitor
  • Cash on hand $0 · Note: Stated as approximately nil cash on hand for the Applicants; all disbursements funded via the DIP Loan. · As at: 2021-07-25 · Qualifier: approximately nil
  • Financial position per unaudited financial information, books and records prepared by the Company · the Applicants (entity-level; excludes Individual Opcos and franchisees) — The Monitor states the Applicants do not generate any cash nor hold any cash balances or other realizable assets (other than YGC's negligible balance, nil on the Filing Date); separately, estimated Affected Landlord Claims (a subset of liabilities, USD) total $30.5 million per the Supporting/Remaining Landlord claims table.
  • Operational summary The Applicants have no employees and no operating cash flow of their own; rent obligations continue to be paid directly to landlords by Individual Opcos and franchisees, while the Applicants pursue lease terminations/amendments and a Plan of Compromise and Arrangement with landlords.
  • Recovery outcome Entries: per plan · Stated on: 2021-07-29 · Table missing:
  • + 2 more extracted facts
PDF
Factum returnable July 21, 2021PDF
Motion Record returnable July 21, 2021PDF
Stay Extension Order - July 21, 2021
  • Counsel Goodmans LLP
  • Presiding officer Justice McEwen
PDF
Fourth Report of the Monitor
  • Operational summary The Applicants continue operating their restaurant business while negotiating lease amendments with landlords and disclaiming unsustainable leases, with rent for ongoing leases continuing to be paid by Individual Opcos.
  • Report date 16 July 2021
  • Report no Fourth Report of the Monitor
PDF
Factum returnable June 25, 2021PDF
Motion Record returnable June 25, 2021PDF
Stay Extension Order - June 25, 2021
  • Counsel Goodmans LLP
  • Presiding officer Justice Dunphy
PDF
Third Report of the Monitor
  • Cash on hand $0 · Note: Monitor states the Applicants have a negligible cash balance; cash flow forecast notes state 'As at June 13, 2021, the Applicants had cash of approximately nil.' · As at: 2021-06-13 · Qualifier: negligible/approximately nil
  • Disbursements $-500K · Note: Disbursements consisted solely of Professional Fees of $0.5 million (in $millions) for the Reporting Period ended June 13, 2021. · Since: March 21, 2021
  • Professional fees $500K · Note: Table figure shown in $millions; actual disbursements for Professional Fees were (0.5) vs budget (1.7), producing $1.2 million positive variance. · Party: Applicants' professional advisors (paid via DIP Facility) · Period: March 21 to June 13, 2021
  • Receipts cumulative $0 · Note: Receipts shown as $- (nil) for the Reporting Period from March 21 to June 13, 2021. · Since: March 21, 2021
  • + 2 more extracted facts
PDF
Master Service List
  • Counsel Osler Hoskin & Harcourt LLP
PDF
Factum of the Applicants returnable March 29, 2021PDF
Handwritten Endorsement of Hainey J - March 29, 2021PDF
Motion Record returnable March 29, 2021PDF
Settlement Approval Order - March 29, 2021
  • Counsel Goodmans LLP
PDF
Stay Extension Order - March 29, 2021PDF
Unofficial Transcript of Endorsement of Hainey J - March 29, 2021
  • Presiding officer Justice Hainey
PDF
Second Report of the Monitor
  • Cash on hand $0 · Note: As at March 20, 2021, cash was approximately nil; also described as a negligible cash balance as at the date of the Second Report · As at: 2021-03-22 · Qualifier: negligible
  • Disbursements $1M · Note: Net cash flow of ($1.0) million for the Reporting Period ended March 20, 2021, consisting entirely of professional fees disbursements · Since: January 25, 2021 (Filing Date)
  • Operational summary The Applicants continue operating their restaurant locations while negotiating lease amendments with landlords, having disclaimed 27 leases and vacated most of those and other expired locations; rent continues to be paid by Individual Opcos/franchisees on the Applicants' behalf.
  • Professional fees $1M · Note: Actual professional fees disbursed for the Reporting Period, compared to a $1.6 million budget; forecast for the extended 15-week period is $2.0 million · Party: professional advisors (Applicants' and Monitor's counsel, etc.) · Period: January 25 to March 20, 2021
  • + 2 more extracted facts
PDF
Amended and Restated Order
  • Applicant Yatsen Group of Companies Inc., SAR Real Estate Inc. and the companies listed in Schedule "A"
  • Appointee Alvarez & Marsal Canada Inc.
  • Appointee role monitor
  • Commencement date 2 February 2021
  • + 3 more extracted facts
PDF
Motion Record returnable February 2, 2021PDF
First Report of the Monitor
  • Secured creditors $50M USD · Note: YGC's guarantee obligation is secured; Wells Fargo to be treated as unaffected creditor and its security ranks ahead of/senior to the proposed Administration Charge and DIP Lender's Charge; security opinion pending (counsel's view subject to customary qualifications, formal opinion to be prepared) · Page: 41 · As of: 2020-12-31 · Debtor: SAR Holdings Inc. (SHI, non-Applicant borrower); guaranteed by Edjar Food Group Inc., EII, YGI and YGC (the only Applicant guarantor) · Creditor: Wells Fargo Bank, National Association (as administrative agent, and lenders under the Wells Fargo Credit Facility) · Security: Secured guarantee granted by YGC; facility limit US$70 million revolving credit facility, of which approximately US$50 million drawn as at December 31, 2020; security perfected by PPSA registration in Ontario
  • Unsecured creditors $26.8M USD · Note: Aggregate arrears across Applicants' 189 leases; of this amount, US$8.4 million relates to leases guaranteed by YGC (a related-party guarantee); table also breaks down by entity (YGC $0 direct arrears/$8.4M guaranteed, SAR Real Estate $22.6M, Individual Leasecos (Applicants) $4.2M) · Page: 30 · As of: 2020-12-31 · Basis: Pre-Filing Report stating amounts owed for rent arrears as reflected in Applicants' books and records · Debtor: Applicants (SAR Real Estate and Individual Leasecos) · Creditor: Landlords (rent arrears across Real Estate Segment leases held by Applicants)
PDF
Application Record returnable January 25, 2021
  • Applicant YATSEN GROUP OF COMPANIES INC., SAR REAL ESTATE INC. AND THE COMPANIES LISTED IN SCHEDULE “A”
  • Appointee Alvarez & Marsal Canada Inc.
  • Appointee role Monitor
  • Court SUPERIOR COURT OF JUSTICE
  • + 2 more extracted facts
PDF
D&O Claims FormPDF
Handwritten Endorsement of Hainey J
  • Presiding officer Justice Hainey
PDF
Initial Order dated January 25, 2021 (certified)
  • Applicant Yatsen Group of Companies Inc., SAR Real Estate Inc. and the companies listed in Schedule "A"
  • Appointee Alvarez & Marsal Canada Inc.
  • Appointee role Court-appointed monitor
  • Commencement date 25 January 2021
  • + 3 more extracted facts
PDF
Notice of Dispute of ClaimPDF
Pre-Filing ReportPDF
Book of Authorities of the ApplicantsPDF
E-Service ListPDF

Filing titles, dates, and extracted key facts are public.

CiteProceedings., “Yatsen Group of Companies Inc., et al” (CCAA), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/yatsen-group-of-companies-inc-et-al

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Sources last checked · summary updated 1 September 2026 · Report a correction · Printed from proceedings.ca/case/yatsen-group-of-companies-inc-et-al

Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.