June 24, 2024

The Queens County Citizen

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.4 41.9 million: Nautilus Plus protects itself from its creditors

.4 41.9 million: Nautilus Plus protects itself from its creditors

In financial trouble, the Nautilus Plus brand protects itself from its creditors. The company has a debt of nearly $ 42 million.

On Thursday, a group of fitness centers, including investment firm Novacop and Kaisse de Depot et Placement du Quebec shareholders, were placed under bankruptcy and insolvency law with the intention of making a proposal to its creditors.

“Our goal is to continue our mission and preserve our Quebec identity. That is why at the end of our financial restructuring, the founding, and current managers, are proposing to invest in Nautilus Plus,” CEO Martin Legare announced in a press release.

The latter is not available for interview Newspaper, Yesterday. Trustee Raymond Chabot is responsible for this file.

Jobs are saved

According to public documents, to this group. There are debts of 41.9 million. In particular, the company owes Bank of Montreal.48.48.4 million, Kaisse de Depot at Placement du Quebec 26 8.26 million and Ivanho Cambridge more than 90,490,000.

The 115 lenders, including Caminar, include several other property owners.

Management believes its recovery plan should allow the company to maintain its services and retain 700 jobs. It states that it wants to honor all of its responsibilities to its members and employees.

Class action request

Keep in mind that in the summer of 2020, a class action request on behalf of members at Nautilus Plus was filed in the Quebec Superior Court against the law firm Stein & Stein chain.

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The company has faced criticism for withdrawing monthly payments from its members beyond mid-March. Nautilus Plus has proposed to extend the initial period of their subscription by several months as the centers will be closed.

Nautilus Plus’s management company insists it will suffer the “15 months” closure of its centers.

The new investors, Function, the current CEO, Mr. Legara, and the current vice presidents, Mary-Josie Despress and Sylvain Sir, want to keep their headquarters in Quebec and replace the management team. They want to “earn the whole company”.

-In collaboration with Andrea Valeria

Nautilus Plus

  • Founded in 1978 In Quebec
  • 33 centers Physical conditioning in Quebec
  • Beyond 700 workers
  • $ 41.9 million Debts

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