Lenders to luxury fashion retailer Ssense are asking a Canadian court to allow a quick sale of the cash-starved company, with first bids due in early October.
“At this stage, the lenders have lost confidence in Ssense Group’s ability to oversee its operations,” a group of creditors led by Bank of Montreal said in an application to the Superior Court of Quebec.
Other banks involved in Ssense include Royal Bank of Canada, JPMorgan Chase & Co., National Bank of Canada and Bank of Nova Scotia. The lenders are owed around C$145 million ($105 million), according to the court filing seen by Bloomberg News, and they want the retailer placed under a monitor pursuant to Canada’s Companies’ Creditors Arrangement Act.
Creditors are pushing for a lightning-fast process to find new investors for