Read the news story Le Chteau files for creditor protection, will shutter Canadian stores after six decades in business, published in the Globe and Mail on October 23, 2020 and answer the following questions based on the readings in the textbook:

1)Summarize the facts of the story and identify the main legal issue(s) raised in the article.

2)According to the article, Le Chateau has been granted protection from its creditors. What does this mean for its secured and unsecured creditors?

3)If you were advising Le Chateau, would you advise the company to a) seek protection under the CCAA, or b) to file for bankruptcy in the circumstances? Explain your answer by clearly comparing and contrasting the advantages and disadvantages of both options.