When I Google Sears, the predominant articles are the ones on closing stores. Sears closing 72 stores, Sears to close 30 more, another 43 stores are gone... Then there are the the ones covering the dropping stock price, issues with suppliers... There is nothing positive about the company anymore.
I believe we are far beyond the simple writing on the wall by now.
Difference between chapter 11 and chapter 13. Chapter 11 can be filed by anyone including businesses, individuals, LLC's. There is no debt limit or income requirements
Chapter 13 can only be filed by individuals with a stable income. In chapter 13 there are limits on the debt that you owe. There is also a trustee who is appointed in chapter 13 which is an option in chapter 11.
For most large corporations chapter 11 is the only option. Chapter 13 is usually for small business and individuals.
Chapter 7 is game over
I think none of us have a clue what is going to happen. You have no idea who Eddie is friends with and what type of agreements he may have in the works for us.
Chapter 11 is what the original Legacy Kmart did in 2002 which is reorganizing the company.
Chapter 7 is complete liquidation of the entire company and the firing of all employees.
Depending on how things go with SHC goes I suspect that if/when Chapter 11 is filed partway through the process they will convert to Chapter 7 and completely shut down.
You better go back and hit the books regarding the differences between a Ch 7, Ch 11, and Ch 13
b/c you don't know what the f**k you're talking about
Pat attention to what's happening in Canada. It's a dress rehearsal.
Not only is bankruptcy inevidible but it will ultimately be cheaper 7 (liquidation), not chapter 13 (reorganization).
If Eddie and team wanted to truly reorganize they would have done chap 13 long ago when it would have helped. It's too late now.
He'll make his money only when the org liquidates and he can control all the assets that are secured under his liens.
Sorry to be blunt if this is a surprise to anyone.
@-sgq
your bag of tricks is sooooo dull
Wow, you can use google! What a smarty pants you are.