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JCP - Sears Filed A New Budget - Investors And Employees Are Disappointed
J.C. Penney Company Inc.
Very late on Friday, June 7 Sears Holdings (OTCPK:SHLDQ) filed a notice with the bankruptcy court that included a cash flow budget (docket 4155) and it confirms what most investors feared-there is not going to be any cash to pay shareholders. Assuming that ESL/Lampert actually fully pays what agreed to pay in February, there will be only about $7 million to pay any 507((b)) priority administrative claims if they are approved by the court. If he does not fully pay, Sears will be deemed “administratively insolvent” and will not be able