Tensions Ease for Some Sears Vendors
"When Sears Holdings Corp. filed for Chapter 11 on Monday, Oct. 15, it submitted a motion seeking court approval to pay its critical vendors, which will give them a 'fighting chance,' one source said. 'The company is positioning itself to restructure and have some form of going-forward business, so they are proposing to pay their [Section] 503(b)(9) claims in the original course of business. This is a remarkable thing,' said David Tawil, president of distress-focused hedge fund Maglan Capital."
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