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T. Eaton Co. (“Eaton’s”) was founded in 1869 and was one of Canada’s largest and most iconic department store chains. Eaton’s operated approximately 65 department stores across Canada and employed over 25,000 staff.

In order to address its continuing losses, Eaton’s filed for creditor protection and sought our appointment to lead the restructuring. We conducted a sale of Eaton’s’ assets while overseeing the operations of the company and downsizing the business.

The outcome of the restructuring proceeding was a plan of compromise and arrangement approved by the creditors and a transaction with Sears to sell the shares of Eaton’s along with 15 store leases and trademarks. Senior secured creditors were fully repaid and unsecured creditors received a 65% return on their claims. Shareholders also received a payment through a tax restructuring.

  • Winnipeg, MB
  • CCAA; Reorganization under the Ontario Business Corporations Act
  • Proposal Trustee; Monitor; Liquidator
  • Retail
  • National Retailer

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