As I understand it - the new Holdco Class B Preferred Units will be distributed to ALL of the Debtors in Bankruptcy which Holdco purchased Assets from in the 363 Sale.
All of the Debtors (Subsidiaries) other than Sears Holdings Corp will distribute their new Holdco Class B Preferred Units to their Equity Holders - which is likely the Parent Company SHC.
The Holdco Class B Preferred Units that the Parent Company SHC receives directly from Holdco is distributed to Senior Second Lien Obligations.
I expect that the Holdco Class B Preferred Units that SHC receives as an Equity Holder of its Debtor Subsidiaries, will be either sold to pay to the Estate or distributed to outstanding Debt of Senior/and or Unsecured Creditors.