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Information About Pay Less Restructure & Reorganization

Pay Less Restructure assists North American entities, as well as foreign subsidiary entities involved in logistics and supply chain, to file voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Eastern District of Missouri to facilitate the financial and operational restructuring necessary to strengthen balance sheets and position companies for long-term success. Pay Less Restructure can also file for recognition of the U.S. Chapter 11 proceedings under Part IV of the Companies’ Creditors Arrangement Act in the Ontario Superior Court of Justice.

Pay Less Restructure enables companies to continue to operate in the ordinary course of business in terms of customers, vendors, partners and associates and, subject to Court approval, businesses can continue:

Providing associate wages, healthcare coverage, and other benefits without interruption;

Honoring pre-petition obligations to customers, including all gift cards with stores and websites; and

Paying vendors and suppliers in the ordinary course for all authorized goods and services provided on or after the date of filing.

Pay Less Restructure helps businesses to use the Chapter 11 process to implement a comprehensive path forward to meaningfully enhance growth profiles and profitability, while positioning to continue to thrive as a sustainable business in the face of the retail industry’s radical, unprecedented transformation.

Pay Less Restructure garners the strong support of senior lenders for a consensual restructuring through a Plan Support Agreement (PSA) to reduce debt, materially lower annual cash interest costs, access significant additional capital, and provide a clear path to emergence on an expedited basis. Pay Less Restructure can also negotiate agreements with certain existing lenders to provide the company access to Debtor-in-Possession financing.

Here you’ll find the most up-to-date information, including links to our claims agent site, restructuring information line (312-854-8000 if calling from within the U.S. or Canada, or +1 312-854-8000 if calling from outside the U.S. or Canada), and frequently asked questions. Please check back for updates.

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