The Fletcher Leisure Group announced completion of a corporate restructuring with an injection of capital from an unnamed, private Canadian investment group.
Fletcher filed a petition for Chapter 15 protection in New York on Oct. 22, following the Superior Court of Quebec’s appointment of a receiver. Fletcher says the company filed to solidify its future and growth.
“Our new partner requested this step to occur during these lengthy negotiation stages, in order to avoid further outstanding credit accumulation,” said company president Mark Fletcher. “It’s a progressive step, in order to provide the strong foundation for our business going forward.”
No major changes are expected to the management of the company and spring deliveries are going ahead after the recent injection of capital.
“Our company has an exciting future ahead,” said Fletcher.
“This kind of an undertaking takes an incredible amount of planning, strategizing and due diligence, in order to pave the way for a bright and very positive future. This restructuring helps to fortify our company, allowing us to meet the strong demands for our brands,” he said.