(Updates with liquidation deadline, context throughout)
By Nichola Saminather
TORONTO, Oct 4 (Reuters) – Sears Canada on
Wednesday won court approval to extend credit protection by a
month to Nov. 7, but its creditors set a deadline of this week
to liquidate the retailers’ assets, leaving the company with
mere days to decide its fate.
While the extension of creditor protection will keep its
lenders at bay a bit longer, the new liquidation deadline means
a deal with Executive Chairman Brandon Stranzl that would allow
it to remain in business would still need to be reached by
Saturday, Oct. 7.
Stranzl, who stepped away from Sears Canada’s day-to-day
operations to keep the 65-year-old company running, mad…
Read the full article at: http://www.businessinsider.com/r-update-1-sears-canada-lenders-seek-liquidation-despite-extended-protection-2017-10