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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