Sears Holdings Corp. (fka SHLDQ)

[VelvetJones]

From May 16th 8K filed by SHLD. Chapter 11 allows for liquidation. The difference between chapter 11 and chapter 7 is that in chapter 11 the corporation is still in charge of the liquidation. In chapter 7 the liquidation is turned over to a court appointed trustee.


"On May 16, 2019, the Debtors filed an amended Plan of Liquidation (the “Amended Plan of Liquidation”) and an Amended Disclosure Statement (the “Amended Disclosure Statement”) describing the Amended Plan of Liquidation and the solicitation of votes to approve the same from certain of the Debtors’ creditors with respect to the Chapter 11 Cases. Among other things, the Amended Plan of Liquidation and Amended Disclosure Statement reflect amendments to the PBGC Settlement Terms (such amended terms, the “Amended PBGC Settlement Terms”) Pursuant to the Amended PBGC Settlement Terms, the Company and the PBGC have agreed, among other things, that the Debtors may propose, and PBGC will support, the Amended Plan of Liquidation and Amended Disclosure Statement providing for distributions to all of the Debtors’ creditors on a consolidated basis and to increase the PBGC’s priority claim to $97.5 million. "



https://www.sec.gov/Archives/edgar/data/1310067/000119312519150641/d748893d8k.htm