Aldo restructuring officially complete

Aldo’s restructuring officially complete

DAY

The Aldo Group has finally emerged from its restructuring process which began in May 2020 when the company had to place itself under the protection of the Creditors Arrangement Act due to the pandemic . 

“It is with great relief that we put this process behind us, and with enthusiasm that we now look to the future. The work we have done over the past two years has allowed us to build a solid foundation on which we can build, and we are confident for the future, ”said David Bensadoun, president and CEO of the ALDO Group.

The company can now pay its creditors according to the plans of arrangement taken in Canada, the United States and Switzerland.

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All the creditors of the ALDO International Group have already been paid before the end of June. Payments to North American creditors will be made over the next few months, it said.

“The past two years have been marked by close collaboration with the ALDO Group, which has made demonstrated great transparency and leadership. I would like to congratulate the company on its exit from this process, as well as its teams for their diligent work throughout this process,” said Martin Rosenthal, EY’s judicial supervisor.