Sears Canada creditors in court today
A group of Sears Canada creditors is in an Ontario court today seeking permission from a judge to launch a lawsuit against the company's executive officers and directors.
The group is alleging negligent misrepresentation and oppression against the company, which is currently protected under the Companies' Creditors Arrangement Act.
A court-appointed monitor says it has advised the creditor group that it believes such motions should be delayed.
The court overseeing Sears Canada was also expected to hear a motion to approve the creation of a hardship fund for former employees that will come from a pool of money set aside to pay bonuses for key employees.
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