The Sears bankruptcy is already taking on an adversarial climate, which is not unusual and not unexpected in the case of Sears. But the squabbles are not limited to how money gets moved around, as was the case with Claire's Stores, where warring parties each saw value in the retailer as a going concern. Rather, the fight between Sears' unsecured creditors and ESL is over the retailer's very existence, and the outcome could determine its fate.
Specifically, the creditor group pointed to Sears go-forward plan to cut out two-thirds of its administrative costs to return to profitability. The group described that as "a feat [Sears] could not accomplish in the six years leading up to" Chapter 11, adding that Sears has not provided the "basic qualitative data necessary" to evaluate the structure of a reorganized Sears or the sale process. . . . more