Miller Thomson acted for A.Y.K. International Inc. (\u201cA.Y.K. International\u201d) in connection with the successful acquisition of SRTX Inc. (\u201cSRTX\u201d). The transaction closed on February 26, 2026.<\/p>\n\n\n\n
SRTX, a Montreal\u2011based company operating under its Sheertex brand and known for ultra\u2011durable hosiery products, completed a court\u2011approved pre\u2011packaged reverse vesting order (\u201cRVO\u201d) transaction with A.Y.K. International. The transaction followed a comprehensive pre\u2011filing sale process in which 138 potential buyers and investors were invited to participate, culminating in eight non\u2011binding letters of intent and four binding offers.<\/p>\n\n\n\n
In approving the sale, the Qu\u00e9bec Superior Court assessed the reasonableness, fairness, and appropriateness of the proposed transaction and concluded that these criteria were satisfied, that the transaction represented the best available outcome and that the RVO mechanism was appropriate.<\/p>\n\n\n\n
The Court also recognized the unique and difficult\u2011to\u2011achieve nature of the transaction \u201cprepack\u201d structure. Such transactions are often described as the \u201cunicorns\u201d of insolvency proceedings \u2013 rare and challenging to complete given the need to align competing stakeholder interests. This outcome reflects an uncommon degree of stakeholder alignment.<\/p>\n\n\n\n
The transaction preserved the company\u2019s ongoing operations and key assets, including its intellectual property and tax attributes, while isolating legacy liabilities in a residual entity.<\/p>\n\n\n\n
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