In the meantime, a deposit made by Stranzl in support of the
Technically, a bid from Stranzl could be approved up until a day before the liquidation sale begins next week, and Sears would owe its court approved liquidators a $2.5 million break fee and expense reimbursements of up to $2.05 million.In the meantime, a deposit made by Stranzl in support of the going concern transaction has been returned to the executive, court heard Friday.Ursel, who took time to acknowledge the Sears employees who had worked hard for the company since the difficult restructuring process began, said the court process needs ensure that the proceeds of the liquidation are maximized, that the value left in the estate that will be used for the benefit of unsecured creditors is as large as possible. Week, court documents revealed that a $500,000 fund for laid off employees was short $200,000, but since then the amount has been paid, Pasparakis said.And lawyers for Sears pensioners are in discussions with the Financial Services Commission of Ontario about winding up the company pension plan, underfunded by an estimated $266.8 million.There are no immediate reductions to employees pension benefits, said Andrew Hatnay of Koskie Minsky, the firm appointed as representative counsel for Sears Canada retirees.will be a claim against the estate for the (pension) deficiency and the actuaries will run calculations as to what the remaining deficit is, he said after the hearing.Several issues remain unresolved, including what will happen to Sears products currently under warranty to the retailer and the future of the Viking trademark; Sears had struck a deal to to sell the Viking trademark to Canadian Tire, court heard last week, but another party has claimed a right of first refusal for the trademark.Court resumes on Oct. 18 to revise an incentive plan for key Sears Canada employees to ensure they remain in their jobs for the next phase of the proceedings..
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