Sears Holdings – Judge Drain Approves $5.2bn ESL Sale, Rigor of Independent Directors Saves Sears (for now), Leaves Massive Litigation Risk for Emerged Debtors

February 7, 2019 – On Thursday, following three intensive days of firmly kicking the tires on ESL Investments, Inc.’s (“ESL”) $5.2bn purchase of the Debtors’ “going concern” assets, Judge Robert Drain of the Southern District of New York gave the deal the go ahead. Approval of the sale allows the Debtors a new life and…