Sears Holdings Corp. (SHLDQ) has been almost completely liquidated following the section 363 sale of most of the company's assets to Lampert/ESL, which was approved on February 7 by Judge Drain after 3 days of hearings in White Plains. Some Sears and Kmart stores will, at least in the near term, remain open, but additional stores are expected to close. Recoveries for SHLDQ shareholders and unsecured noteholders most likely will only be very modest payment for releases. Expected recoveries for holders of second lien notes still remains unclear.
The Sale Hearing
I attended