TPX plans to file a Notice of Intention under the Bankruptcy and Insolvency Act, seeking a protective period to negotiate new terms with creditors. CEO Pary Bell expressed regret over the decision, stating that operating normally is no longer feasible. The company aimed to stabilize and explore alternatives but ultimately exhausted options and time. Bell emphasized that taking this step is preferable to failing entirely without a plan. He joined TPX in February 2024 after experience in enhancing digital strategies at previous roles.
We have reached the point where we can no longer continue to operate in the normal course. Because of this, TPX will be filing what is called a Notice of Intention to Make a Proposal (NOI) under the Bankruptcy and Insolvency Act. I want you to know this is not a step I wanted to take.
This is not an easy message to share. We are taking this step because failing entirely without any plan would be worse for everyone involved.
Collection
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