Sears Canada Inc., January 8, 2017
January 8, 2018
We are currently in discussions with the company, Monitor and other applicable stakeholders regarding the terms of the Pensioner Claims Process, which will be brought before the court for approval in the near future. As part of the Pensioner Claims Process, a claim will be calculated and advanced for the amounts owing to the Sears Canada Plan by the employer, including unpaid special payments and the wind up deficit. As we previously advised, we have asserted a first priority claim against the assets of Sears Canada on behalf of the Sears Canada Plan members based on statutory deemed trust priority provisions in the Ontario Pension Benefits Act and the Ontario Personal Property Security Act which we expect to advance further in the Pensioner Claims Process. We will provide further updates on the Pensioner Claims Process as more information becomes available.
