1357 ET - Top ranking creditors of Sears Holding, including vendors who kept the retailer's shelves stocked during its bankruptcy, are owed $58M, according to a court filing last week. The shortfall is expected to come from proceeds from litigation. Sears' 2019 bankruptcy case remains open, even though its remaining stores were sold out of bankruptcy to ESL Investments Inc., Eddie Lampert's hedge fund or shuttered more than two years ago because the estate lacked the funds to pay off senior creditors. Lawyers and advisors have racked up over $42M in fees in the two years since Jude Robert Drain, who presided over Sears' bankruptcy, approved the retailer's restructuring plan, according to the court filing from last week. "Any creditor is free to settle...I don't see a need for a dramatic change in the path the debtors are on at this point," Judge Drain said at a court hearing on the estate's unpaid bills on Tuesday. (soma.biswas@wsj.com)
Sears Creditors Still Owed $58M in Retailer's Bankruptcy -- Market Talk
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