I did some research about bankruptcy on nolo.com and the facts are that only about 10 to 15 percent of companies continue successfully after chapter 11. So, there is an 85 to 90 percent chance that Sears will shut down for good. It also said that the Chapter 11 process is expensive and a long and drawn out process. Sears has to file, on a monthly basis, paperwork that shows their progress towards re-organization. If the bankruptcy court feels that progress is not being made then things slip into chapter 7. Many companies avoid the 11 process and just throw in the towel to 7 to avoid the extra costs. I also called my insurance/financial agent who is familiar with the BK process and the Sears situation and he thinks this will play out into part of 2019. His office is expecting many calls for ex-Sears associates calling for health insurance .... for now Cobra will be available until 7 filed. PBGC not touching the pension for now... we are not that far along yet in the process. The bottom line is that current and former employees have been given a temporary reprieve, but it's not going to last forever so we should all be making other plans for future employment and/or health insurance starting early next year.
This is some valuable info on how could ch 11 play out at Sears and what consequences can we expect, so I reposted this, even though it’s not my original post. OP @VEhSxIZ-gsx