Success In Target CCAA Proceeding
Back to all news
Acting as counsel for KingSett Capital Inc., Matthew Gottlieb, Andrew Winton and Laura Wagner successfully led the opposition to a motion by Target Canada to file a proposed Plan of Arrangement and to call a creditors’ meeting to vote on the Plan. The Ontario Superior Court of Justice agreed with KingSett’s submission that the proposed Plan contravened agreements with Target Canada’s landlords, as memorialized in the Court’s orders, not to file a Plan that compromised lease guarantees from Target Corporation, Target Canada’s U.S. parent. This is one of the very few cases where a CCAA applicant’s proposed Plan was not accepted for filing by the Court and put to a creditors’ vote. Read the decision here: http://www.canlii.org/en/on/onsc/doc/2016/2016onsc316/2016onsc316.html.