Featured Story > Sears Canada launches Sale and Investment Solicitation Process
On July 14, Sears Canada obtained a court order to extend creditor protection to October 4, 2017. They also obtained court approval to launch a Sale and Investment Solicitation Process (SISP) to seek out proposals for the acquisition of, or investment in, Sears Canada's business or assets. The SISP deadline for offers from those interested in pursuing a transaction is August 31, 2017. See the official court approval order here. According to published reports ESL Partners LP (led by Edward S. Lampert) among others is working on potential a proposal to Sears Canada.
Sears also reached an agreement with a variety of stakeholders and their counsel to maintain special payments to the Sears Registered Retirement Plan, payments in support of post-retirement health and dental benefits, and post-retirement life insurance premiums until September 30, 2017. At that time, they expect to have further clarity regarding the outcome of their restructuring efforts.