Sears Wins Liquidation Plan Approval as Lengthy Bankruptcy Nears End

The Wall Street Journal 2 months ago

Sears Holdings Corp. won court approval Monday of a chapter 11 liquidation plan requiring suppliers that kept its shelves stocked in bankruptcy to wait for their money or take a discounted payoff.

Judge Robert Drain of the U.S. Bankruptcy Court in White Plains, N.Y., said he would sign off on a creditor repayment plan despite the company’s admission that it doesn’t have the cash to pay essential bills, including tens of millions of dollars owed to companies that supplied goods while Sears tried to stay afloat earlier this...

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New York Post › Finance › 2 months ago
Dozens of Sears vendors are calling for a bankruptcy judge to convert the retailer’s Chapter 11 into a liquidation — a last-ditch bid to keep its dwindling assets out of the hands of high-paid lawyers and bankers in the case. Sears Holdings — the...
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Sears filed for bankruptcy a year ago today. And while the company used that process to shed debt, get out of store leases it didn't want and dodge liquidation, the last 12 months have hardly been a success.
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NEMF reached settlement agreements with its top lenders, equity holders and representatives of former employees in hopes of getting its liquidation plan approved. About $15 million would be available for distribution to unsecured creditors under the...
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Sears’s bankruptcy filing was supposed to give the troubled retailer a fresh start. But a year later, the chain is still struggling with many of the same problems it faced before it sought court protection.
Reuters › Finance › 1 month ago
U.S. retailer Sears has borrowed about $150 million from lenders, including its billionaire owner Eddie Lampert, as it racks up losses less than a year after it emerged from bankruptcy protection, people familiar with the matter said.
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