October 29, 2018
Weil is representing Sears Holdings Corporation (Sears Holdings) and certain of its domestic affiliates (the Company) in their chapter 11 cases, which were recently commenced in the United States Bankruptcy Court for the Southern District of New York. Sears Holdings is the parent company of Sears, Roebuck and Co., one of America’s most iconic companies. Sears Holdings currently operates approximately 687 stores in 49 states, Guam, Puerto Rico and the U.S. Virgin Islands under the Sears® and Kmart® banners, and employs almost 70,000 employees. Sears Holdings’ balance sheet includes approximately $9 billion of debt.
As part of its chapter 11 filing, Weil advised the Company on its entry into an emergency $300 million debtor-in-possession credit facility, and continues to advise the Company on its entry into a second debtor-in-possession credit facility that would provide the Company with an additional $300 million of liquidity. Sears Holdings hopes to sell its viable stores as a going concern pursuant to section 363 of the Bankruptcy Code and to complete its chapter 11 process as efficiently as possible.
The Weil team representing Sears Holdings is led by Business Finance & Restructuring Department Co-Chair Ray C. Schrock, P.C., and partners Jacqueline Marcus, Garrett A. Fail, Sunny Singh and Ryan Preston Dahl, and counsel Matthew Goren. The team also includes U.S. Banking & Finance Head Douglas R. Urquhart; Capital Markets partner Corey Chivers; Public Company Advisory Group Co-Head Ellen J. Odoner; Securities Litigation Co-Head Joseph S. Allerhand and Litigation partners Greg A. Danilow, Paul R. Genender and Jared R. Friedmann; Mergers & Acquisitions partner Gavin Westerman and counsel Naomi Munz; Real Estate Co-Head W. Michael Bond and partner David Herman; Tax partners Stuart Goldring and Mark Hoenig; and Technology & IP Transactions Head Michael A. Epstein; Business Finance & Restructuring associates Jessica Liou, Arkady Goldinstein, Natasha Hwangpo, Paloma Van Groll, Bryan R. Podzius, Kyle R. Satterfield, Matthew Skrzynski, Jeri Leigh Miller, Phil DiDonato and Catherine Diktaban; Banking & Finance associates Sasha Shulzhenko, Steven J. LePorin, Anne-Marie Christoffersen-Deb, Phong T. Bui and Theodore Batis; Capital Markets associate Jonathan Goltser; Public Company Advisory Group associate Kaitlin Descovich; Mergers & Acquisition associates Ariel Simon, Hayden Guthrie and Kelsey Ann Pfleger; Tax associate Eric D. Remijan; and Technology & IP Transactions associates Meggin Bednarczyk and Lauren Springer.