Sears Holdings Corp. (fka SHLDQ)

[justthefactsmam]

Judge Drain has said he expects the hearing will spill into multiple days and that he could issue his ruling from the bench at the end of the process. The filings show that Sears hopes to have a decision approving the sale by Friday February 8, and that it hopes to close the sale by February 19.

Not all the objections filed in the case are seeking to have the the company liquidate. Most are arguing specific objections to one or more terms of the proposed sale. If Judge Drain agrees with some of the objections, it could kill the deal and leave no choice but liquidation.

So far, the judge has appeared to be giving Sears every chance to save itself. At a January 18 hearing he said "it would be a very good thing" if there were a way to save the 45,000 jobs at Sears and Kmart. But those employees are not the top priority under the nation's bankruptcy law.

Instead, the hearing will focus on returning as much money as possible to those who are owed money from Sears. And the committee of major creditors objecting to the deal are owed more than $3 billion. They have argued repeatedly they don't believe it makes sense to try to save Sears. They called the plan to stay in business "nothing more than wishful thinking " and "an unjustified and foolhardy gamble with other people's money," in one of their filings.

https://www.kion546.com/news/economy/sears-moment-of-truth-is-coming/998976747