Now that Sears has reached an agreement to sell off/lease 140 stores which were earlier protected, does this give sears the freedom to file for BK? It's worthwhile trying to read between the lines regd this move. Could they have informed the pension board that they would like file for BK. Even if they file these properties were protected so the pension board still had the first lien so effectively pensions are protected. Bit confused about this move.
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I don't entirely understand it either, but I saw something saying this deal will give Sears permission to stop contributing any other money to the pension for the next 2 years - so Sears probably told PBGC that it's an attempt to avoid/delay bankruptcy.