linda,
following is also from the transcript of the auction which also leads me to believe there will be nothing left in shc if esl bid is approved and based on fact all other stores are being liquidated and/or monetized.
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Okay. Let me give a short overview of the Debtors organized wind down plan, against, which the Debtors' restructuring committee is comparing the ESL bid. First, I note that the Debtors' wind down recoveries has been shared with the consultation parties and ESL on a confidential basis. We did make a few changes to the wind down recoveries overnight. But largely, it's substantially similar to what people have been reviewing previously. The wind down plan contemplates a company administered wind down to be run by the Debtors and the professionals and for purposes of comparison includes the Debtors liquidation advisors, Abacus and also contemplates a partner with SB 360. In particular, in conducting this organized wind down, the company would file a notice of commencement of liquidation of all inventory and the remaining retail stores and distribution centers with GBO sales beginning later this month. Reject all remaining store and distribution center leases other than valuable leases, which will be monetized. Reject all remaining nonessential contracts, commence an appropriate reduction in the companies workforce in a staged and organized manner; sell or monetize all or remaining incumbered or unincumbered assets including sales of individual businesses within Sears, such as Sears Home Services and the Debtors' real estate assets. The Debtors restructuring committee views is that the wind down plan is conservative and does not contain outside potential that would be pursued on the company's alternatives. Those potential alternatives include in pursuit of a Chapter 11 plan involving the sale, or reorganization around Sears Home Service or certain other businesses, and the distribution of the Debtors' tax attributes to creditors.
