Sears Holdings Corp. (fka SHLDQ)

[dragon52]

"US Bankruptcy Court Judge Robert Drain began holding a hearing Monday on Sears' plan to sell its assets, including 425 stores, to its chairman Eddie Lampert. It is the only chance to save the jobs of up to 45,000 employees of the Sears and Kmart chains and keep the 133-year old retailer in business.

Lampert's rescue bid is opposed by creditors, including vendors and landlords, arguing that the company should be shut down and liquidated. More than 40 parties in the case have filed objections to the company's planned sale, including the Pension Benefit Guaranty Corp., the federal watchdog that just took over the pension benefit payments owed 90,000 Sears retirees and other beneficiaries.


The hearing is set to continue for at least two days. Drain has set aside most of the day Wednesday for a second day of the hearing and he and attorneys talked Monday about the likelihood that closing arguments won't be heard until Thursday morning.
Drain 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..."

https://www.cnn.com/2019/02/02/business/sears-decision/index.html