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.

July 7, 2016

On June 29 and 30, 2016, Target Canada Co. issued cheques and wire payments totalling approximately $672.5 million to Unaffected Creditors, Affected Creditors with Proven Claims, and Landlord Entities entitled to distributions from the Landlord Guarantee Enhancement Cash Pool Account and the Landlord Non-Guarantee Equalization Cash Pool Account. Initial distributions to Affected Creditors with Proven Claims represent interim distributions of approximately 55.3% of such Affected Creditors’ Proven Claims. All distributions have been made in Canadian Dollars.  For additional information please see the Monitor’s Twenty-Ninth Report.

September 26, 2016

On September 26, 2016, the Court issued an order, extending the Stay Period (as defined in Paragraph 17 of the Initial Order) until and including January 20, 2017.

October 19, 2016

On October 19, 2016, Target Canada Co. issued cheques and wire payments totalling approximately $87.5 million to Affected Creditors with Proven Claims. The second distribution represents a recovery of 12.65% of such Affected Creditors’ Proven Claim.  This second distribution, together with the initial distribution of approx. 55.3% made on June 28 and June 29, 2016, represents an aggregate recovery to-date of approximately 68% of Affected Creditors’ Proven Claims. All distributions have been made in Canadian Dollars.  For additional information please see the Monitor’s Thirty-First Report.

January 23, 2017
On January 23, 2017, the Court issued an order, extending the Stay Period (as defined in Paragraph 17 of the Initial Order) until and including April 28, 2017.

April 26, 2017
On April 26, 2017, the Court issued an order, extending the Stay Period (as defined in Paragraph 17 of the Initial Order) until and including September 29, 2017.

September 13, 2017
On September 13, 2017, the Court issued an order, extending the Stay Period (as defined in Paragraph 17 of the Initial Order) until and including January 26, 2018.

October 10, 2017
On October 10, 2017, Target Canada Co. issued cheques and wire payments totalling approximately $64.1 million to Affected Creditors with Proven Claims. The third distribution represents a recovery of 9.05% of such Affected Creditors’ Proven Claim.  The third distribution, together with the previous distributions, represents an aggregate recovery to-date of approximately 77% of such Affected Creditors’ Proven Claim. All distributions have been made in Canadian Dollars.  For additional information please see the Monitor’s Thirty-Fifth and Thirty-Seventh Reports.

January 25, 2018
On January 25, 2018, the Court issued an order, extending the Stay Period (as defined in Paragraph 17 of the Initial Order) until and including May 15, 2018.

May 14, 2018
On May 14, 2018, the Court issued an order, extending the Stay Period (as defined in Paragraph 17 of the Initial Order) until and including December 14, 2018.

December 7, 2018
On December 7, 2018, the Court issued an order, extending the Stay Period (as defined in Paragraph 17 of the Initial Order) until and including March 27, 2019.

March 26, 2019
On March 26, 2019, the Court issued an order, extending the Stay Period (as defined in Paragraph 17 of the Initial Order) until and including September 13, 2019. As described in the Monitor’s Forty-First Report (the “Forty-First Report”), the Target Canada Entities plan to issue a final distribution to creditors on or around July 24, 2019. Subject to the important qualifications noted in the Forty-First Report, the final distribution is estimated to represent further distributions of approximately 11.16% of such Affected Creditors’ Proven Claims, and when combined with the prior interim distributions, equate to aggregate distributions to Affected Creditors of approximately 88.2% of such Affected Creditors’ Proven Claims.

July 23, 2019
On July 23, 2019, the Monitor published a Notice of Final Distribution to all Affected Creditors. Target Canada Co. shall effect a final distribution under the Plan on or around August 28, 2019 (the “Final Distribution Date”) pursuant to and in accordance with the terms of the Plan and the Sanction and Vesting Order issued by the Ontario Superior Court of Justice (Commercial List) on June 2, 2016.

August 28, 2019
On August 28, 2019, Target Canada Co. issued cheques and wire payments totaling approximately $82.0 million to Affected Creditors with Proven Claims. The final distribution represents a recovery of 11.52% of such Affected Creditors’ Proven Claim. The final distribution, together with the previous distributions, represents an aggregate recovery of approximately 88.56% of such Affected Creditors’ Proven Claim. All distributions have been made in Canadian Dollars. For additional information please see the Monitor’s Forty-Second Reports.

September 9, 2019
On September 9, 2019, the Court issued an endorsement, extending the Stay Period (as defined in Paragraph 17 of the Initial Order) until and including September 30, 2019.

September 30, 2019
On September 30, 2019, the Court issued an order, extending the Stay Period (as defined in Paragraph 17 of the Initial Order) until and including October 16, 2019.

October 3, 2019
On October 3, 2019, the Court issued an endorsement, extending the Stay Period (as defined in Paragraph 17 of the Initial Order) until and including November 1, 2019.

October 18, 2019
On October 18, 2019, the Court issued an order (the “Discharge Order”) terminating these CCAA Proceedings.

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