Groupe Les Ailes de la Mode Inc.
TSX : MOD

November 04, 2005 16:25 ET

Groupe Les Ailes De La Mode Changes its Name to Groupe Bikini Village: Obtains Court Order to Propose the Restructuring of its Debentures

BOUCHERVILLE, QUEBEC--(CCNMatthews - Nov. 4, 2005) - Further to a news release issued earlier today, Groupe Les Ailes de la Mode inc. (TSX:MOD) ("the Company"), not to be mistaken with Les Ailes de la Mode Incorporees, the department stores sold in August 2005, announced that it has changed its corporate name to Groupe Bikini Village inc. Groupe Bikini Village has obtained a court order from the Superior Court of the Province of Quebec under the Companies' Creditors Arrangement Act to allow for its proposal to the holders of its outstanding 12% unsecured debentures due 2008 to exchange their debentures for common shares of the Company to be conducted in orderly fashion.

From today's date, and until a recapitalization plan becomes effective, the Company will not make any further payments of principal or interest on its unsecured debentures, including the interest payment due November 5, 2005.

ABOUT THE COMPANY

Groupe Bikini Village inc.'s swimwear division operates 57 swimwear boutiques in Quebec and Ontario under the Bikini Village and Ocean Bikini Village banners. It employs 400 people.

Forward looking statements

This news release contains certain forward-looking statements concerning our future operations, economic performances, financial conditions and financing plans. These statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments as well as other factors we believe are appropriate in the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks, uncertainties and assumptions. Consequently, all of the forward-looking statements made in news release are qualified by these cautionary statements, and there can be no assurance that the results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to or effects on us and our subsidiaries or their businesses or operations.

We undertake no obligation and do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.

Contact Information

  • INFORMATION:
    Mark Boutet
    (514) 843-2385