The montreal-based DavidsTea is placed to protect itself from its creditors in a last attempt to restructure to avoid bankruptcy.
In a press release issued Wednesday morning, the company listed on the New York stock Exchange explains to use the canadian law on arrangements with creditors of companies in order to “accelerate the transition” towards a business model of selling online and wholesale.
The query DavidsTea must be submitted today before the superior Court, at the courthouse of Montreal. A similar request should be presented to the United States under chapter 15 of the u.s. law on bankruptcy.
More details will follow…