Target Canada Co., et al

Introduction

January 15, 2015

On January 15, 2015, Target Canada Co. and the Additional Applicants listed below (collectively, the “Applicants”), together with the Partnerships also listed below (the “Partnerships”, and collectively with the Applicants, the “Target Canada Entities”) commenced court-supervised restructuring proceedings under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the “CCAA”). 

On the same day, the Ontario Superior Court of Justice (Commercial List) (the “Court”) granted an order (the “Initial Order”), which, among other things, provides for a stay of proceedings until February 13, 2015 (the “Stay Period”). The Stay Period may be extended by the Court from time to time. Although not Applicants, the protections and authorizations provided for in the Initial Order have been extended to the Partnerships.

Also pursuant to the Initial Order, Alvarez & Marsal Canada Inc. was appointed as monitor (the “Monitor”) of the business and financial affairs of the Target Canada Entities.

February 4, 2015

On February 4, 2015, the Court issued an order (the “Agency Agreement Order”) approving the Agency Agreement entered into between Target Canada Co., Target Pharmacy Corp., and Target Canada Pharmacy (Ontario) Corp. and a contractual joint venture composed of Merchant Retail Solutions ULC, Gordon Brothers Canada ULC and GA Retail Canada, ULC, (collectively, the “Agent”) along with Sales Guidelines of the Inventory Liquidation Process.

February 11, 2015

On February 11, 2015, the Court issued an order (the “Sales Process and Stay Extension Order”) approving the Real Property Portfolio Sales Process and extending the Stay Period (as defined in Paragraph 17 of the Initial Order) until and including May 15, 2015.  On the same date, the Court also issued an order (the “Employee Representative Order”) approving the appointment of certain individuals as representatives of the Target Employees (as defined in the Employee Representative Order) in the insolvency proceedings.

May 11, 2015

On May 11, 2015, the Court issued an order (the “Stay Extension Order”) extending the Stay Period (as defined in Paragraph 17 of the Initial Order) until and including August 14, 2015.

June 11, 2015

On June 11, 2015, the Court issued an order (the “Claims Procedure Order”) approving the claims process whereby persons who assert a Claim against the Target Canada Entities must file a Proof of Claim or D&O Proof of Claim with the Monitor on or before 5:00 p.m. (Toronto time) on August 31, 2015.  Claims packages and additional information are available using this link.

August 14, 2015

On August 14, 2015, the Court issued an order extending the Stay Period (as defined in Paragraph 17 of the Initial Order) until and including November 16, 2015.

October 19, 2015

Please be advised that in accordance with the Order Amending the Claims Procedure Order granted September 21, 2015, the Monitor and the Consultative Committee have agreed to extend the Notice of Objections Bar Date contemplated under the Claims Procedure Order (as amended) to November 30, 2015, or such later date as may be agreed to by the Monitor and the Consultative Committee.

October 30, 2015

Please be advised that in accordance with the Order Amending the Claims Procedure Order granted October 30, 2015, if the Monitor intends to revise or reject a Claim, the Monitor shall notify the Claimant who has delivered such Proof of Claim or D&O Proof of Claim, as applicable, that such Claim has been revised or rejected and the reasons therefor, by sending a Notice of Revision or Disallowance by no later than December 15, 2015, unless otherwise ordered by the Court on application by the Monitor.

On October 30, 2015, the Court issued an order extending the Stay Period (as defined in Paragraph 17 of the Initial Order) until and including December 11, 2015.

November 12, 2015
 
Please be advised that in accordance with the Order Amending the Claims Procedure Order granted September 21, 2015, the Monitor and the Consultative Committee have agreed to extend the Notice of Objections Bar Date contemplated under the Claims Procedure Order (as amended) to December 31, 2015, or such later date as may be agreed to by the Monitor and the Consultative Committee.

December 8, 2015

On December 8, 2015, the Court issued an order, extending the Stay Period (as defined in Paragraph 17 of the Initial Order) until and including February 12, 2016.

On December 8, 2015 the Court issued an order, amending and extending the Notice of Objection Bar Date (as set out in the Claims Procedure Order dated June 11, 2015) to February 12, 2016, or such later date as the Court may Order.

February 12, 2016

On February 12, 2016, the Court issued an order, extending the Stay Period (as defined in Paragraph 17 of the Initial Order) until and including March 15, 2016.

March 4, 2016

On March 4, 2016, Target Canada announced that a settlement has been reached with all of Target Canada's former landlords whose leases were terminated as part of Target Canada's wind-down under the CCAA. The press release can be accessed using the links below:

Target Canada Press Release – English

Target Canada Press Release – French

March 14, 2016

On March 14, 2016, the Court issued an order, extending the Stay Period (as defined in Paragraph 17 of the Initial Order) until and including April 15, 2016.

On March 14, 2016 the Court issued an order, amending and extending the Notice of Objection Bar Date (as set out in the Claims Procedure Order dated June 11, 2015) to 28 days following April 15, 2016, or such later date as the Court may Order.

April 13, 2016

On April 13, 2016, the Court issued an order (the “Meeting Order”), accepting the filing of the Amended and Restated Plan of Compromise and Arrangement.  The Meeting Order authorizes the Target Canada Entities to call, hold and conduct a meeting of the Affected Creditors (the “Creditor’s Meeting”) to consider and vote on a resolution to approve the Plan.  The Creditor’s Meeting is scheduled to be held on May 25, 2016 at 10:00am at the Toronto Region Board of Trade, 77 Adelaide Street West, Toronto, ON M5X 1C1.

The issued Meeting Order, extends the Stay Period (as defined in Paragraph 17 of the Initial Order) until and including June 6, 2016.  The Meeting Order also amends and extends the Notice of Objection Bar Date (as set out in the Claims Procedure Order dated June 11, 2015) to 28 days following June 6, 2016, or such later date as the Court may Order.

June 2, 2016

On June 2, 2016, the Court issued an order (the “Sanction and Vesting Order”), sanctioning and approving the Second Amended and Restated Joint Plan of Compromise and Arrangement dated May 19, 2016. The issued Sanction and Vesting Order, extends the Stay Period (as defined in Paragraph 17 of the Initial Order) until and including September 26, 2016.  The Sanction and Vesting Order also amends and extends the Notice of Objection Bar Date (as set out in the Claims Procedure Order dated June 11, 2015) to the Plan Implementation Date and that the Notice of Objection Bar Date will expire on the Plan Implementation Date.

June 28, 2016
 
On June 28, 2016, the Target Canada Entities and the Plan Sponsor confirmed in writing to the Monitor that all of the conditions precedent set out in section 8.3 of the Plan have been satisfied or waived, as applicable, in accordance with the terms of the Plan and the Plan Implementation Date has occurred and the Plan is effective with its terms and the terms of the Sanction and Vesting Order.  A copy of the Monitor’s Certificate which has been filed with the Court is available in the Motion Materials section of this website.

Additional Applicants

Target Canada Health Co.
Target Canada Pharmacy (BC) Corp.
Target Canada Pharmacy Corp.
Target Canada Property LLC
Target Canada Mobile GP Co.
Target Canada Pharmacy (Ontario) Corp.
Target Canada Pharmacy (SK) Corp.

Partnerships

Target Canada Pharmacy Franchising LP
Target Canada Property LP
Target Canada Mobile LP

Contact Us

Monitor Contact Information

If you have any questions regarding this matter, please contact Target Canada Monitor at the following address:



Alvarez & Marsal Canada Inc.

Royal Bank Plaza, South Tower

200 Bay Street, Suite 2900
P.O. Box 22
Toronto ON M5J 2J1
Canada
 
Electronic mail: targetcanada.monitor@alvarezandmarsal.com
Telephone: 1-844-864-9548
 

Employee Representative Counsel Contact Information

Court-appointed Employee Representative Counsel:
Koskie Minsky LLP
20 Queen Street West
Toronto, ON M5H 3R3

Website address: www.kmlaw.ca/targetemployees
Email: targetemployees@kmlaw.ca
Phone: 1-866-860-9364
Fax: 416-204-2897