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SHLDQ - Sears Holdings Is So Broke It May Not Be Able To Exit Ch.11 Bankruptcy
Sears Holdings Corporation
Sears Holdings (OTCPK:SHLDQ) may not have enough cash needed to pay certain administrative claims in order to exit Ch.11 bankruptcy. In a court filing (docket 5144 Exhibit B) late Friday, Sears stated they are now trying to get holders of administrative claims, which are mostly vendor claims, to take a huge "haircut" for their claims. These must be paid in order to exit Ch.11 or Sears Holdings may have to convert to Ch.7 with a trustee controlling the liquidation process. Many vendors have already sold their claims to bankruptcy claim speculators