Target Canada was close to a deal with its key creditors on Thursday that could pave the way to ending the U.S.-owned retailers year-long-plus insolvency saga.
Target Canada collapsed under court protection on Jan. 15, 2015, closing all 133 of its stores here within three months and letting go its 17,600 employees.
Its original recovery plan in late November had proposed that many unsecured creditors would be paid 75 to 85 per cent of their proven claims. But it would have meant much less for some of its landlords, who vigorously opposed the plan. In an unusual move, the Ontario Superior Court struck down the plan in January.
On Thursday, U.S. parent Target Corp. was …
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