TORONTO, May 31, 2013 /CNW/ - TBS Acquireco Inc., The Bargain! Shop Holdings Inc. and TBS Stores Inc. (collectively, "The Bargain! Shop" or the "Company")) announces that Ernst & Young Inc. (the "Monitor") has received a going-concern offer (the " Going-Concern Offer") from BlackRock Kelso Capital Corporation ("BlackRock Kelso") that complies with the provisions of the April 25, 2013 Order of the Ontario Superior Court of Justice (Commercial List) authorizing 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 Kelso would acquire substantially all of the assets of The Bargain! Shop. including the leases for all of the ongoing store locations, and carry on the The Bargain! Shop business, without any interruption. The Going-Concern Offer also contemplates the assumption of any outstanding orders of goods and services from suppliers in the ordinary course of business since the commencement of the Company's court-supervised restructuring proceedings.
The Going-Concern Offer will be considered with all other offers submitted in compliance with the SISP by the June 7, 2013 deadline set by the Court, and if determined to be the "Successful Bid" pursuant to the SISP, the Company and BlackRock Kelso will work together to satisfy any remaining conditions and seek the Court's approval, all in accordance with the SISP.
The deadline for submitting offers pursuant to the Court-approved SISP is 12:00 p.m. (Toronto time) on June 7, 2013.
A copy of the Court Order approving the SISP, as well as a copy of the SISP and related documents, can be found on the Monitor's website at the following link: http://documentcentre.eycan.com/Pages/Main.aspx?SID=266
SOURCE: The Bargain! Shop
For further information:
Information about the SISP can be obtained by contacting:
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