The US Bankruptcy Court for the Southern District of New York has approved US retailer Sears Holdings first day motions for its voluntary Chapter 11 restructuring.
The retailer filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code yesterday. This approval is expected to improve the companys liquidity position and allow it to continue business operations throughout the financial restructuring process.
The court authorised the company to access its $300m senior priming debtor-in-possession (DIP) financing from its senior secured asset-based re…
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