ALDO’s North American creditors vote in favor of restructuring plan

By Sarah Lizee

Olympia, Wash., April 26 – ALDO Group Inc.’s North American creditors have voted in favor of its restructuring plan, almost two years after it filed for protection under the Companies' Creditors Arrangement Act, according to a press release.

“This positive vote is a crucial milestone on the company’s journey to exit its restructuring initiated in 2020,” the company said in the release.

“In the next few weeks, there will be some additional legal and administrative steps left to take, including the finalization and approval of the composition agreement in Switzerland, before the ALDO Group can emerge from its restructuring proceedings completely.”

The company said the restructuring proceedings allowed it to stabilize the business and provided an opportunity for the ALDO Group to undergo a far-reaching transformation of the organization.

“We are pleased to have found a fair settlement for the ALDO Group’s North American creditors. The outcome of the procedure remains conditional to the creditors’ agreement for the ALDO Group’s international division, AGI, which is to be ratified in Switzerland,” Martin Rosenthal, the company’s court-appointed monitor, said in the release.

Montreal-based ALDO Group is a creator and operator of footwear and accessory brands.

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