Report: Judge Approves Lampert’s Sears Purchase

A plan devised by Edward Lampert-controlled ESL Investments to keep Sears Holdings Corp. operating won the approval of a federal bankruptcy court judge, according to a Chicago Tribune report.

Judge Robert Drain of United States Bankruptcy Court for the Southern District of New York approved the plan developed by Sears chairman and former CEO Lampert, the newspaper reported. The plan proposed the purchase of Sear’s operating assets for $5.2 billion.

A committee of unsecured creditors opposed the plan and pushed for a liquidation, arguing that shutting Sears down and selling the company’s assets could recover more of what the company owes, according to the Tribune.