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SRG - Sears Files Reorganization Plan - Shareholders Get Nothing
Seritage Growth Properties Class A
Sears Holdings Corp. (SHLDQ) finally filed a reorganization plan (docket 3275) and a disclosure statement (docket 3276) very late on April 17. Shareholders are not getting any recovery - not even for releases. Assuming they get approval for the plan by at least one claim class and that they are administratively solvent, the plan could be confirmed at a confirmation hearing, which is currently set for July 23.
Reorganization Plan
The plan was due April 15, but the company filed a motion on April 12 (docket 3183) to extend the exclusive