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Creditors set Oct. 7 deadline for Sears Canada to enter liquidation – Reuters

TORONTO, Oct 4 (Reuters) – Creditors to Sears Canada have set a deadline of Oct. 7 for the retail chain to enter liquidation agreements for all its assets, leaving the company with just days to reach a deal to continue operations, a court-appointed monitor said.

That tight deadline presents a challenge and could potentially derail negotiations with the executive chairman Brandon Stranzl, who stepped away from day-to-day operations of Sears Canada to come up with a proposal to keep the 65-year-old company running.

A lawyer for Sears Canada and a company spokesman both declined to comment.

Stranzl submitted a revised proposal, lawyers for Stranzl said. Reuters was not able to reach Stranzl immediately.

Stranzls bid presents significant clo…

Read the full article at: https://www.reuters.com/article/sears-canada/creditors-set-oct-7-deadline-for-sears-canada-to-enter-liquidation-idUSL4N1MF3BI

Category: LiquidationBy Insolvency GuardianOctober 4, 2017

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Creditors set Oct. 7 deadline for Sears Canada to enter liquidation – Reuters

TORONTO, Oct 4 (Reuters) – Creditors to Sears Canada have set a deadline of Oct. 7 for the retail chain to enter liquidation agreements for all its assets, leaving the company with just days to reach a deal to continue operations, a court-appointed monitor said.

That tight deadline presents a challenge and could potentially derail negotiations with the executive chairman Brandon Stranzl, who stepped away from day-to-day operations of Sears Canada to come up with a proposal to keep the 65-year-old company running.

A lawyer for Sears Canada and a company spokesman both declined to comment.

Stranzl submitted a revised proposal, lawyers for Stranzl said. Reuters was not able to reach Stranzl immediately.

Stranzls bid presents significant clo…

Read the full article at: http://www.reuters.com/article/sears-canada/creditors-set-oct-7-deadline-for-sears-canada-to-enter-liquidation-idUSL4N1MF3BI

Category: LiquidationBy Insolvency GuardianOctober 4, 2017

Post navigation

PreviousPrevious post:Puerto Rico Needs Treasury Loan to Pay Its Debts, Pelosi Says – BloombergNextNext post:Sears Canada to Choose Between Chairman’s Bid and Liquidation – Wall Street Journal

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May 31, 2025
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May 31, 2025
Seek restructuring support at first sign of distress – GIPC CEO urges businesses
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