Court OKs Target plan for creditors

TORONTO ― Target Canada announced the approval of its Plan of Compromise and Arrangement by the Ontario Superior Court of Justice. The court’s sanction order follows the Target Canada creditors’ meeting held on at the end of May at the Toronto Board of Trade, at which 1,246 affected creditors representing approximately $554 million of claims unanimously voted in favour of the amended plan. The order authorizes the distribution of funds to Target’s creditors in accordance with the plan. Target Canada expects to begin implementation by the end of June, provided that the conditions of the plan are met, with initial distributions to creditors beginning in early July.