Sears Holdings has received approval on all first-day motions related to the company’s Chapter 11 bankruptcy filing.
According to the company, the U.S. Bankruptcy Court for the Southern District of New York approved the company’s access to $300 million in debtor-in-possession (DIP) financing from its senior secured asset-based revolving lenders. The company also received authorization to continue paying employee wages and benefits and to honor member programs including warranties and promotions.
“The court’s approval of our First Day motions is an important step forward in our financial restructuring process that will allow the company to continue operating in the normal course and providing our customers and members with trusted service,” said Robert Riecker, CFO, and member of the Office of the Chief Executive. “Our stores, online and mobile platforms, and related businesses are open and we continue to offer our customers and members the brands and products they want.”