June 22 (Reuters) - Sears Canada Inc SCC.TO
* Sears Canada obtains creditor protection under CCAA; will continue executing its reinvention
* Initial order also authorizes Sears Canada Group to obtain debtor-in-possession financing in aggregate principal amount of C$450 million
* DIP financing is expected to provide Sears Canada Group with sufficient liquidity to maintain business operations throughout CCAA proceedings
* Also announced closing of 20 full-line locations, plus 15 "SEARS HOME" stores, 10 "Sears Outlet" and 14 "Sears Hometown" locations
* Retained BMO Capital Markets, as financial advisor, and Osler, Hoskin & Harcourt LLP, as legal advisor
* Planned reduction in workforce of about 2,900 positions across its retail network and at its corporate head office in Toronto
* Initial order does not apply to Sears Canada pension plan assets
* Shahir Guindi, a director of corporation, has resigned his post
* Hopes to exit CCAA protection "as soon as possible in 2017"
* Iinitial order provides for stay of proceedings in favour of Sears Canada Group for initial period of 30-days
* As a result of CCAA filing, TSX and NASDAQ have suspended trading in common shares of co and TSX has initiated an expedited delisting review Source text for Eikon: Further company coverage: SCC.TO