November 27, 2020
We are pleased to report that on November 23, 2020, Mr. Justice Hainey of the Ontario Superior Court of Justice (Commercial List) approved the Sears Canada CCAA Plan of Compromise (“CCAA Plan”) . To see the Court Order, please click here.
The CCAA Plan had been voted on in favour by a majority of the creditors at the Creditors Meetings held on November 16, 2020. Now that the Court has approved the CCAA Plan, it may proceed to implementation.
We are advised by the Monitor that it expects to make the distribution payments to creditors in 2021. We will keep you apprised of developments.