Bravado Designs Ltd.

Notice of Intention to Make a Proposal

Page last updated: November 3, 2025

This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations

Status of file as at October 21, 2025

On October 20, 2025, the Court issued:

1. The Approval of Proposal, Additional Powers and Ancillary Relief Order which, among other things:
   1. Approved the Proposal accepted by the requisite majority of creditors at the Meeting of Creditors;
   2. Authorized the Proposal Trustee and the Company to make distributions in accordance with the Proposal;
   3. Granted the Proposal Trustee certain additional powers;
   4. Approved the Second Report of the Proposal Trustee and the Proposal Trustee’s activities set out therein;
   5.  Approved the fees and disbursements of the Proposal Trustee and its counsel; and
   6. Sealed the Confidential Exhibit “A” to the affidavit of Nicole McCasey, sworn October 10, 2025 and the Confidential Exhibit “1” to the Second Report; and
2. The Bravado Canada AVO which, among other things, approved the Bravado Transaction.

Status of file as at October 16, 2025

The Zoom information for the motion to be heard on October 20, 2025 is as follows:

Status of file as at October 14, 2025

On October 14, 2025, the Proposal Trustee filed its Second Report with the Court to provide the Court with the information with respect to:

1. The activities of the Company and the Proposal Trustee since the First Report;
2. An update on the efforts of the Company to monetize its assets for the benefit of its creditors;
3. The results of the Sale Process commenced by the Proposal Trustee, in consultation with the Company;
4. A summary and conclusions of the Meeting of Creditors and the claims received as of the date of this Second Report;
5. The Company’s actual cash flows as compared to the forecast;
6. The Proposal Trustee’s comments and recommendations on the Company’s motions for the Approval of Proposal, Additional Powers and Ancillary Relief Order and the Bravado Canada AVO.

On October 10, 2025, the Company filed its motion for

1. An order (the “Approval of Proposal, Additional Powers and Ancillary Relief Order”) to, among other things:
   • Approve the Proposal, filed by the Company on August 22, 2025 and accepted by the requisite majority of creditors at the general meeting of creditors on September 11, 2025 (the “Meeting of Creditors”);
   • Authorize the Proposal Trustee and the Company to make distributions in accordance with the Proposal;
   • Grant the Proposal Trustee certain additional powers;
   • Approve the Second Report of the Proposal Trustee (the “Second Report”), dated October 14, 2025 and the actions, conduct and activities of the Proposal Trustee, as set out therein;
   • Approve the fees and disbursements of the Proposal Trustee and its counsel; and
   • Seal the Confidential Exhibit “A” to the affidavit of Nicole McCasey, sworn October 10, 2025 and the Confidential Exhibit “1” to the Second Report; and
2. An order (the “Bravado Canada AVO”) to, among other things, approve a sale transaction (the “Bravado Transaction”), contemplated by an asset purchase agreement, dates October 10, 2025 between the Company and Bravado Holding AG, as vendors and Bravado Designs LLC, as purchaser.

The motion will be heard on October 20, 2025. The link to join the motion will be posted as soon as it becomes available. Persons wishing to attend the motion should email with their intention to attend the motion to Kevin Wu at kevin.wu@blakes.com.

Status of file as at July 8, 2025

On July 8, 2025, the Court issued the Stay Extension and Sale Process Approval Order which, among other things:

1. Extended the Stay Period for the Company to file a proposal up to and including 11:59 pm (Toronto time) on August 24, 2025;
2. Authorized the Company to continue using the central cash management system currently in place;
3. Granted the Administration Charge in the amount of $250,000, ranking first on the Property of the Company, as security for the payment of professional fees and disbursements incurred and to be incurred by counsel for the Company, the Proposal Trustee and counsel for the Proposal Trustee;
4. Approved the Interim Financing, in the amount of $700,000 and granted the Interim Financing Charge, ranking second on the Property, in respect of the Interim Financing;
5. Granted the D&O Charge, ranking third on the Property, in the amount of $200,000 as security for the Company’s obligations to indemnify its directors and officers for obligations and liabilities they may be subject to in carrying out their duties in this NOI proceeding;
6. Approved the Sale Process, nunc pro tunc, and authorized the Company to continue implementing and performing the Sale Process; and
7. Approved the First Report of the Proposal Trustee and the activities of the Proposal Trustee as set out therein.

Status of file as at July 1, 2025

On July 1, 2025, the Company filed its motion for an order (the “Stay Extension and Sale Process Approval Order”) for, among other things:

1. Extending the Stay Period for the Company to file a proposal up to and including 11:59 pm (Toronto time) on August 24, 2025;
2. Granting a first ranking charge (the “Administration Charge”) in the amount of $250,000 as security for the payment of professional fees and disbursements incurred and to be incurred by counsel for the Company, the Proposal Trustee and counsel for the Proposal Trustee;
3. Approving financing from Olle Larsson Holding AG, a parent entity of the Company (the “Interim Lender”), in the amount of $700,000 (the “Interim Financing”) and granting a second ranking charge (the “Interim Financing Charge”) in respect of the Interim Financing;
4. Granting a third ranking charge (the “D&O Charge”), in the amount of $200,000 as security for the Company’s obligations to indemnify its directors and officers for obligations and liabilities they may be subject to in carrying out their duties in this NOI proceeding; and
5. Approving the Company’s on-going sale process (the “Sale Process”) and authorizing the Company to continue implementing and performing the Sale Process.

The motion will be heard on July 8, 2025.

Status of file as at June 12, 2025

On June 12, 2025, the NOI Notice was issued to all known creditors of the Company with claims of $250 and more in accordance with the provisions of the BIA. A copy of the NOI Notice is available on the “Notices and List of Creditors” page.

Status of file as at June 11, 2025

On June 10, 2025, (the "Filing Date"), Bravado Designs Ltd. (the “Company”) filed a Notice of Intention to Make a Proposal (“NOI”) pursuant to Section 50.4(1) of the Bankruptcy and Insolvency Act (Canada) (“BIA”) and PricewaterhouseCoopers Inc., LIT (“PwC”) was named as the Licensed Insolvency Trustee under the NOI (the “Proposal Trustee”).

As a result of the filing of the NOI, all creditors are stayed from commencing or continuing any proceedings against the Company. The Company has a period of 30 days to file their proposal with the Proposal Trustee pursuant to the provisions of the BIA (the “Stay Period”), subject to any extensions of the Stay Period that the Court may grant upon application by the Company.

The Notice of the NOI and the Proposal Trustee’s appointment will be mailed to all known creditors of the Company with claims of $250 and more in accordance with the provisions of the BIA.