UCC has files on objection to Sears Holdings plan to exit bankruptcy. That would be in reference to the "Old Sears"; which is the company in which shareholders have equity; not the "New Sears co" / "Transform HoldCo". Docket 2544.
Essentially Sears Holdings provided a plan to exit bankruptcy intact; with a request for an extension period to accomplish that feat. Personally I doubt they have any hope of achieving that goal; but that is their plan. The UCC's objection: Docket 2544; requests the judge deny the extension; expressing a similar view to my own: (Quote):
"Upon the closing of the sale, (i) the Debtors no longer will have any operating businesses for which the Chapter 11 Cases are a disruption, (ii) the only assets of any significance that will remain in the Debtors’ estates will be litigation claims and (iii) the estates will be at risk of being administratively insolvent.
In short, the Debtors are winding down and will be liquidating their remaining assets, principally litigation claims, through a trust to be established under a chapter 11 plan."
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IMO the debtors (SHLDQ) will have an additional $1 billion in cash from their asset sale to ESL; but that will not go far .. just for "secured" creditors; most likely; indeed; leaving them administratively insolvent.