But it appears he has little time left to strike a bid with Sears and its advisors, as the lenders who have kept the money-losing business afloat since June will ask Ontario Superior Court judge Glenn Hainey on Oct.
13 to approve a liquidation of Sears’ remaining assets.
In some circumstances, an auction may better meet your needs. Ziemer is a licensed auctioneer in the State of New York and has conducted many auctions.
As soon as the liquidator is appointed, they’ll take control of the business.The process to then liquidate locations could start as soon as Oct. 26, according to court papers.“The Stranzl bid may not be executable,” Sears’ lawyer Jeremy Dacks of Osler, Hoskin & Harcourt LLP, told Hainey in a court hearing Wednesday.“We have a very short fuse on a potential liquidation of the company.”On Tuesday, court papers revealed that Sears is losing millions of dollars a week.Monitor FTI Consulting said that a going concern transaction for Sears could only be pursued if it were done in conjunction with ongoing asset sales aimed at maximizing value for other creditors and stakeholders.“The lenders have supported this business for a long while,” Joseph Latham, counsel for Wells Fargo, said Wednesday.Stranzl’s earlier bids were deemed conditional in a number of respects, the monitor said in its report this week.Until the issue is resolved, Ursel requested that no further default payments be made to the DIP lenders without a court order.