Bloomberg Law
December 20, 2018, 9:17 PM UTC

Sears Judge Approves Most of Debt Sale, Sets Hearing on Lockup

Josh Saul
Josh Saul
Claire Boston
Claire Boston
Bloomberg News

The bankruptcy judge overseeing the Sears Holdings Corp. case approved most aspects of a controversial sale of intercompany notes Dec. 20 but said he would hold a later hearing on a provision of the deal that prevents more of the debt from being sold.

As a condition of Cyrus’s winning $82.5 million bid for the medium-term notes, Sears agreed not to sell any additional notes.

“I don’t believe I approved a lockup of Sears Re,” Judge Robert Drain of the U.S. Bankruptcy Court for the Southern District of New York said in court in White Plains, N.Y., referring to a ...

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