Sears Holdings Corp. (fka SHLDQ)

[Vilhelm_Bock_LLC]

Wouldn't the phrase "reorganization" elude that SEARS (SHLDQ) is not going anywhere and is NOT JUST A SHELL !!!!

On February 8, 2019, the Debtors filed with the Bankruptcy Court a notice of filing of settlement term sheet with the with the Pension Benefit Guaranty Corporation (the “PBGC”), pursuant to which, among other things the Company and the PBGC have agreed: to terminate the Company’s pension plans; that the PBGC’s unsecured claim would be reduced to $800 million; the PBGC would receive a senior, secured non-interest bearing note in an amount of $80 million under a chapter 11 plan of reorganization of the Company (a “chapter 11 plan”); and the PBGC would release underfunding claims against the Debtors and withdraw its objection to the Going Concern Transaction and to support a chapter 11 plan that incorporates the agreed upon terms and is not otherwise adverse to the PBGC.