Thursday, October 11, 2018

Big Lenders Make Push to Liquidate Sears

The Wall Street Journal
Sears Holdings Corp. met with its lenders Wednesday night to discuss emergency financing for the embattled retailer, according to people familiar with the matter. The meeting ended without an agreement that would keep Sears operating as a going concern, according to one of the people.

A group of lenders, including Bank of America Corp., Wells Fargo & Co. and Citigroup Inc.,are pushing for the company to liquidate its assets under a chapter 7 bankruptcy filing, as opposed to reorganizing the business under chapter 11, this person said.. . . more