U.S. Bankruptcy Judge Robert Drain approved a $5.2 billion sale of Sears’s assets to a new entity owned by ESL Investments, Inc.

Paul, Weiss represents the independent directors, Alan Carr and William Transier, on the restructuring subcommittee of the Sears Board that is investigating pre-bankruptcy related-party transactions, and negotiated and approved the release and credit bid aspects of the sale transaction.

U.S. Bankruptcy Judge Robert Drain approved a $5.2 billion sale of Sears’s assets to a new entity owned by ESL Investments, Inc. The transaction includes a limited release of ESL relating to certain litigation claims. In approving the sale, the judge overruled objections from the unsecured creditors committee and other parties.

Sears Holdings Corporation operates as a broadline retailer with full-line and specialty retail stores in the United States and Canada. The company in 2018 recorded $16.702 billion revenues.

The Paul, Weiss team includes bankruptcy partners Paul Basta (Picture), Kelley Cornish and Robert Britton; litigation partners Lewis Clayton and Susanna Buergel and counsel Jonathan Hurwitz and Karen King; corporate counsel Stephen Koo; and real estate partner Meredith Kane and counsel Karla Booth.

Involved fees earner: Paul Basta – Paul Weiss Rifkind Wharton & Garrison; Karla Booth – Paul Weiss Rifkind Wharton & Garrison; Robert Britton – Paul Weiss Rifkind Wharton & Garrison; Susanna Buergel – Paul Weiss Rifkind Wharton & Garrison; Lewis Clayton – Paul Weiss Rifkind Wharton & Garrison; Kelley Cornish – Paul Weiss Rifkind Wharton & Garrison; Jonathan Hurwitz – Paul Weiss Rifkind Wharton & Garrison; Meredith Kane – Paul Weiss Rifkind Wharton & Garrison; Karen King – Paul Weiss Rifkind Wharton & Garrison; Stephen Koo – Paul Weiss Rifkind Wharton & Garrison;

Law Firms: Paul Weiss Rifkind Wharton & Garrison;

Clients: Alan Carr; William Transier;

Author: Ambrogio Visconti