SHC hasnt paid vendors or utilities in months. Our store keeps getting notices from the electric, gas and sewer companies to pay. A few more local contractors who did work on the building havent been paid since summer. SHC is paying no one and the workers will be next.
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A lot of livelihoods depend on businesses. It's not just one person. That's why businesses get different treatment.
What I don't understand about bankruptcy, is if the common worker files, they STILL have to psy their utilities taxes personal and property
A business files and they are not required to pay anything and come out richer than before
Has Eddie even presented his plan for reorganization of sears and Kmart? No
I personally don't think the company will make it even if they come out of ch 11..
Utility payments are covered under 11 USC § 366. Sears gets about a month to provide utilities assurance of payments, and utilities have to send notice back giving a timeline before discontinuing service, but the long and short of it is, if they don't don't get paid in a "timely" or "reasonable" amount of time, they can pull the nuclear option and discontinue service. Sears clearly has the ability to pay with their lines of credit. If Sears has been playing this game since the Ch 11 filing, the end of the year should be about the timeframe when the lights will literally go off.
@sjo- as part of the BK the judge ordered that the lights be kept on even if SHC had not paid their bill. Same with property taxes. So basically, not only is SHC scring the workers they are also Sewing the communities around them.
How long will it be before Sears simply gets evicted for not paying the bills/paying taxes etc?
@sjo commercial billing at a mall works nothing like residential billing
Much less Going Forward, is doesn't even sound like Sears is onboard with Going Through Chapter 11. Maybe the sales and vendor relations have just been so bad that Eddie isn't feeling good about convincing Judge Drain and is on the balance looking at the exit strategy? This is NOT what a company that intends on making it through the other side of a Chapter 11 reorganization looks like.
If I don’t pay my water/gas/electric, the water company and public service turn it off. If I don’t pay my property taxes, the local authorities put up a notice and will seize my property. So why hasn’t this happened to Sears ?
They haven't been paying property/business taxes either, at least in some locations. There are several dozen local governments that filed court claims.