Sears gets two-month exclusivity extension to prosecute filed plan

By Caroline Salls

Pittsburgh, June 26 – 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 Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.

Sears’s exclusive plan-filing period was extended by two months through Aug. 12 and the solicitation period through Oct. 14.

As previously reported, Sears filed its second amended plan on May 31.

“The debtors are seeking another modest extension of the exclusive periods to allow the Chapter 11 plan process to continue without needless distraction as they solicit and prosecute the plan,” the motion said.

“The debtors are continuing to try to broker a consensual Chapter 11 plan among their various stakeholders, including the official committee of unsecured creditors.”

If the exclusive periods were not extended, Sears said the Chapter 11 cases would be “unnecessarily disputed,” and expiration of the periods “could cause further administrative expense burn.”

Sears is a retailer based in Hoffman Estates, Ill. The company filed bankruptcy on Oct. 15, 2018 under Chapter 11 case number 18-23538.

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