Sears Canada assessing revised bid, receives creditor protection extension
TORONTO — Sears Canada has just over a week to assess another revised bid from a buyer group led by its executive chairman as its lenders press for liquidation of the embattled retailer that could start as early as mid-October.
Orestes Pasparakis, a lawyer for the insolvent retailer’s court-appointed monitor FTI Consulting Canada, told the court it is assessing a revised bid from a group led by Brandon Stranzl that was submitted late Tuesday, but Sears Canada is running out of liquidity and time to decide which route to take.
“We are nearing the end of the road… We have pushed the timelines to preserve optionality, and quickly running out of money,” he told Justice Glenn Hainey on Wednesday.
Justice Hainey extended Sears Canada’s creditor protection, which was slated to end Wednesday, until Nov. 7.