Law360 (October 24, 2019, 4:20 PM EDT) -- On Oct. 8, after two days of hearings, the judge overseeing the Sears Holdings Corp. bankruptcy cases orally confirmed their joint plan even though he acknowledged that the Sears estates currently do not have enough money to fund it.
How does Sears expect to fund its plan and pay its suppliers? By filing approximately 2,000 preference lawsuits to recover some of the estimated $1.345 billion the Sears debtors paid out prior to filing their bankruptcy petitions. Also, suppliers with unpaid administrative expense claims will be asked to voluntarily reduce those claims in exchange for expedited review of their claims and a...
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