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Oct 11, 2017 · TORONTO — As reported first on Travelweek.ca, in light of Sears Canada Inc.’s latest CCAA filing TravelBrands is rebranding Sears Travel as The Travel Experts, effective Nov. 1.
Oct 13, 2017 · Sears Travel is a TravelBrands business and not part of the Sears Canada Inc. CCAA proceedings. TravelBrands had a license from Sears Canada Inc., to use the name Sears Travel in carrying on ...
Sears Travel is a TravelBrands business and not part of the Sears Canada Inc. CCAA proceedings. However, plans were already underway (and continue) to vacate the Sears department stores and continue both from a limited number of new locations and as a home agent program.
The company had filed for bankruptcy protection in June, hoping to find a buyer for its remaining locations. Sears Travel is a TravelBrands business and not part of the Sears Canada Inc. CCAA proceedings.
The CCAA, or the Companies’ Creditors Arrangement Act, is a federal law in Canada that provides insolvent companies with debts in excess of $5 million an orderly and supervised means to restructure their business. As part of Sears Canada’s CCAA proceedings, the Court granted a “Stay of Proceedings,” which prevents creditors, such as ...
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3. Why did Sears Canada opt for a CCAA proceeding rather than filing a proposal under the BIA? The CCAA is a flexible statute that is designed to address the complex restructuring needs of large corporations, being limited to only those insolvent companies with debts in excess of $5 million.
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Sears Canada Inc. Registered Retirement Plan and OPEB Claims CCAA Plan of Compromise and payments to creditors We are writing to you to provide an update on the status of Sears Canada Inc. in its proceedings under the Companies' Creditors Arrangement Act ("CCAA"), and the payments to be made to retirees and former employees for their pension and benefit claims.
