FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Judge Rules in Favor of Sears Liquidation Plan, Despite Creditor Pushback

October 08, 2019, 08:54 AM
Filed Under: Bankruptcy

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, according to press reports.

According to a report from Footwear Network, a group of vendors for the bankrupt Sears Holdings Corp. — former parent to the Sears and Kmart department store chains — asked a judge in the United States Bankruptcy Court in the Southern District of New York to reject Sears Holdings’ Chapter 11 reorganization plan and shift to Chapter 7.

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 year.

Week's News

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.