Court File and Parties
SUPERIOR COURT OF JUSTICE - ONTARIO
RE: IN THE MATTER OF THE COMPANIES’ CREDITORS ARRANGEMENT ACT, R.S.C., 1985, c. C-36, AS AMENDED
AND IN THE MATTER OF A PLAN OF COMPROMISE OR ARRANGEMENT OF TARGET CANADA CO., TARGET CANADA HEALTH CO., TARGET CANADA MOBILE GP CO., TARGET CANADA PHARMACY (BC) CORP., TARGET CANADA PHARMACY (ONTARIO) CORP., TARGET CANADA PHARMACY CORP., TARGET CANADA PHARMACY (SK) CORP., and TARGET CANADA PROPERTY LLC.
BEFORE: Regional Senior Justice Morawetz
COUNSEL: Jeremy Dacks, Tracy Sandler and Rob Curson for the Applicants Alan B. Dryer for Gap Jonathan Bell and Rick Orzy for RioCan A. Kauffmen for Ivanhoe Cambridge & Oxford Alan Mark and Jesse Mighton for the Monitor Catherine Francis for Primaris Linda Galessiere for various Landlords Jay Swartz for Target Corporation Dylan Chochla for Sobeys Capital Incorporated Vern DaRe for Doral Holdings David S. Ward for WMI – Holding Company as GP for Winners Merchants International (“TJX”) Michael Arovtina for Bental Kennedy/Tamarak Jeff Carhart for Ginsey Industries and Other Suppliers Kathryn Esaw for EPL
HEARD & RELEASED: March 14, 2016
Endorsement
1The parties have made considerable progress in these proceedings.
2The Applicants have resolved a number of issues with the various landlord groups and are preparing an Amended and Restated Plan of Compromise.
3The motion record sets out various dates for future events, including a creditors’ meeting and a potential sanction hearing.
4I am satisfied that the parties are working in good faith and with due diligence such that the requested extension of the Stay Period to April 15, 2016 is both reasonable and appropriate. This relief is granted.
5TJX brought a motion requesting certain relief relating to the Co-Tenancy Stay. The parties have reached agreement on wording that permits the lifting of the Co-Tenancy Stay on terms that are acceptable to the court and are memorialized in paragraph 3 of the draft order presented.
6Issues relating to the effect of the Co-Tenancy Stay during the period when the Co-Tenancy Stay was in force are adjourned and will be addressed at a hearing commencing on April 26, 2016 at 8:30 a.m. The terms of the adjournment are set out on the typed attachment.
7Finally, the Notice of Objection Bar Date is amended to extend the Notice of Objection Bar Date to 28 days following April 15, 2016 or such later date as the court may order.
8An order has been signed to reflect the foregoing.
Regional Senior Justice G.B. Morawetz
Date: March 14, 2016