has approved a plan to liquidate its assets and wind down after rejecting a private-equity backed takeover plan from its top executive.
Brandon Stranzl, Sears Canada’s executive chairman, was unable to win board support for a private-equity-backed deal that would have taken a slimmed-down version of the retailer out of bankruptcy and preserved thousands of jobs.
Any objection will trigger a hearing on confirmation.
If no objection to confirmation has been timely filed, the Bankruptcy Code allows the court to determine whether the plan has been proposed in good faith and according to law.
These engagements require, among other things, integration of a sophisticated understanding of the law (including, without limitation, bankruptcy tax, corporate, commercial tort, real property, intellectual property, environmental, labor and employment), business restructuring, and information technology for reporting systems, accounting and negotiation.
ISG has the integrated expertise to fulfill these roles with extensive data processing and information technology capabilities, staff accountants and adjusters, and specialized software to interface with the bankruptcy court databases for creditors, reporting and the like.
Generally, a reorganization plan will designate classes of claims and interests for treatment under the reorganization.Sears Canada has about 13,000 employees and informed staff on Tuesday that most will lose their jobs, according to people familiar with the matter. S.-based Sears Holdings Corp in 2012, the company has been operating at a loss since 2014 and filed for court protection in June under Canada’s equivalent of chapter 11 bankruptcy.Liquidation sales at retail locations are expected to begin by Oct.Please click below to view and download the Plan, Disclosure Statement and related documents: Plan & Disclosure Statement 101 Park Avenue New York, NY 10178 212.808.7800 Fax: 212.808.7897 James S.
Under Chapter 11, only the debtor may submit a plan of reorganization within 120 days of the initiation of the bankruptcy case.If more than one plan may meet the requirements for confirmation the court can decide which plan to confirm taking into consideration the preferences of the creditors and equity security holders.