Schellenberg Wittmer has advised Aldo Group International in the successful completion of its Swiss composition proceedings and the exit financing. Aldo Group International is part of the ALDO Group, a Canadian multinational shoe and accessories retailer. The group is already exited from its restructuring process initiated in May 2020 when the company filed for protection under the Companies Creditors Arrangement Act in the context of the Covid pandemic. As a result of the legal sanction of their plans of arrangement in Canada, USA and Switzerland, the group can now pay their creditors pursuant to the terms.
After it had been granted a provisional moratorium on 11 May 2020, Aldo Group International, by decision of the Cantonal Court of the Canton of Zug confirming the composition agreement (dividend settlement) between the company and its pre-filing creditors, successfully emerged from its composition proceedings on 1 June 2022.
The Schellenberg Wittmer legal team was led by partner Philippe Borens (overall responsibility, pictured) together with Andrea Andelic and Fabio Elsener (all from banking & finance). Benno Strub (restructuring and insolvency) and Roland Wild (tax) were also involved.