DTEA - DavidsTea stock surges on restructuring hopes

DavidsTea ([[DTEA]] +32.9%) soars a day after announcing will push to land authorization from the Québec Superior Court on Friday to file a plan of arrangement with creditors.The company aims to call a creditors’ meeting for June 11.The last business update from DavidsTea came with its earnings report."The continued migration of sales to a virtual experience and shifting to best-in-class customer service execution are essential to our success, and our reduced retail footprint complements our expanding online and wholesale business. The formal restructuring process under the CCAA continues and was recently extended until the beginning of June. Negotiations and an agreement with creditors remain the critical next step for DAVIDsTEA."Seeking Alpha author Barbell Investment Ideas has been bullish on the upside for DTEA for quite a while, including a recommendation back in January when shares were 48% lower.

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DavidsTea stock surges on restructuring hopes