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DAVIDSTEA INC: Gets Initial CCAA Stay; PwC Named Monitor

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The Superior Court of Quebec issued an initial order under the Companies’ Creditors Arrangement Act in respect of DAVIDsTEA Inc. and DAVIDsTEA (USA) INC. The Initial Order provides for an initial stay of all proceedings until July 17, 2020 and appoints PricewaterhouseCoopers Inc. as monitor of the business and financial affairs of the Debtors.

On July 8, 2020, the Monitor applied for the recognition of the CCAA Proceedings in the United States by filing a petition under Chapter 15 of the United States Bankruptcy Code before the United States Bankruptcy Court for the District of Delaware and on July 9, 2020, the U.S. Court entered an order provisionally enforcing the Initial Order in the United States pending a hearing on the merits of recognition on August 5, 2020.

A copy of the Initial Order and the relevant materials pertaining to the CCAA Proceedings and to the Chapter 15 Proceedings are available on the Monitor’s website: https://www.pwc.com/ca/davidstea

Monitor can be reached at:

PricewaterhouseCoopers Inc., LIT
1250 Rene-Levesque Boulevard West, Suite 2500
Montréal, Quebec, Canada H3B 4Y1
Tel: +1 514 205 5000
Fax: +1 514 205 5694

Counsel for the Companies:

Buchanan Ingersoll & Rooney
Attn: Mary F. Caloway
James D. Newell
Mark Pfeiffer
Tyler Dischinger
919 North Market Street, Suite 990
Wilmington, Delaware 19801
Tel: (302) 552-4200
Fax: (302) 552-4295
Email: mary.caloway@bipc.com
james.newell@bipc.com
mark.pfeiffer@bipc.com
tyler.dischinger@bipc.com

DavidsTea Inc. is a Canadian specialty tea and tea accessory retailer based in Montreal, Quebec. It is the largest Canadian-based specialty tea boutique in the country.

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