Sears secures exclusivity extension; plan update to come on March 21

By Caroline Salls

Pittsburgh, Feb. 15 – Sears Holdings Corp. received an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of New York.

The exclusive plan-filing period was extended through April 15 and the solicitation period through June 12.

The order said Sears will provide an update on the Chapter 11 plan at a hearing scheduled for March 21.

In its Jan. 31 motion, Sears asked the court to extend the exclusive periods through June 12 and Aug. 13, respectively.

After reaching an agreement to sell its assets to ESL Investments, Inc., Sears said in the motion that “the debtors are confident that by any measure they have earned their extension of exclusivity as they embark on the next crucial stage of these cases, plan negotiations.”

Sears is a retailer based in Hoffman Estates, Ill. The company filed bankruptcy on Oct. 15 under Chapter 11 case number 18-23538.

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