Chapter 11 plan submitted next week
7 replies (most recent on top)
They’re going to tell the judge that they are dismissing the BK filing and liquidating on their own, like Bon-Ton did. This spat between Eddie and SHLDQ is just a smoke screen to get everyone looking the wrong way when it happens.
@1ltr Thanks for the explanation. I wouldn't be surprised if Sears Holdings (the old company) converted to Chapter 7 since they are administratively insolvent.
Different person here... Sears Holdings (the old company) is currently still in chapter 11 bankruptcy proceedings. They did sell most of their assets to Newco. Sears Holdings is supposed to submit a plan to reorganize and eventually exit bankruptcy, that may or may not happen as they could switch to chapter 7 and liquidate. The sale has been completed but some disputes over details need to be worked out, either between themselves, by the bankruptcy judge or someone else. Newco does not have to present a plan; Sears Holdings might present a plan, delay the presentment or change the plan, and the chapter 11 is still in progress with no final plan approved yet.
@nbm So why are you right and the others wrong?
Actually, you 3 are all wrong.
OP is right, the sarcastic first response is not. Newco has to present their plan next week. Try and keep up lto and make sure your facts are straight before you get up in someone's grill.
Where were you at? This was done already and sears is owned by Eddie, plus 11 proceedings were submitted and approved already by Drain. Anything after sears' sale closing will have to be worked with amongst each other. Whack a mole got away with it again. Nobody can touch him even after he stole 50 some million bucks from old sears lol. Hence the name whack a mole..