TORONTO, June 13, 2013 /CNW/ - TBS Acquireco Inc., The Bargain! Shop Holdings Inc. and TBS Stores Inc. (collectively, "The Bargain! Shop" or the "Company") announces that it has selected the going-concern offer (the "Going-Concern Offer") from BlackRock Kelso Capital Corporation ("BlackRock") as the "Successful Bid", in accordance with the provisions of the April 25, 2013 Order of the Ontario Superior Court of Justice (Commercial List) (the "Court") authorizing Ernst & Young Inc. in its capacity as Court appointed monitor (the "Monitor") to conduct a sale and investor solicitation process (the "SISP"). The Going-Concern Offer constitutes a "Credit Bid" as contemplated in the SISP.
The Going-Concern Offer is subject to certain conditions, including Court approval, and contemplates a closing date of June 28, 2013. Pursuant to the Going-Concern Offer, BlackRock would acquire substantially all of the assets of The Bargain! Shop, including title to all the Company's remaining leases, and carry on The Bargain! Shop business, without any interruption.
The Going-Concern Offer was considered with all other offers received pursuant to the SISP by the June 7, 2013 deadline set by the Court, and was determined to be the "Successful Bid" pursuant to the SISP. The Company and BlackRock will work together to satisfy any remaining conditions and seek the Court's approval, all in accordance with the SISP.
Copies of the Company's court materials regarding its proceedings under the Companies' Creditors Arrangement Act can be found on the Monitor's website at the following link: www.ey.com/ca/bargainshop
SOURCE: The Bargain! Shop
For further information:
Ernst & Young Inc.
Monitor of TBS Acquireco Inc., The Bargain! Shop Holdings Inc. and TBS Stores Inc.
Ernst & Young Tower
200 King Street, Suite 100
P.O. Box 48
Toronto, Ontario M5K 1J7
Attention: Andrew Schaeffer
E-mail: [email protected]