ABI: October Commercial Chapter 11 Filings Increase 75% Y/Y

Commercial chapter 11 filings increased 75% in October 2018 over October of last year, according to data provided by Epiq Systems on behalf of the American Bankruptcy Institute.

Sears to Sell Home Improvement Biz; Sidley Advising Stalking Horse Bidder

Sears Holdings is seeking court approval for Service.com to serve as a stalking horse bidder on the Sears Home Improvement business in a Section 363 sale. Sidley Austin is advising Service.com on the transaction.

Gastar to File for Chapter 11, Ares to Support Company RSA

Gastar Exploration entered into a restructuring support agreement with its largest funded-debt creditors. Ares Management agreed to provide $100 million in committed financing to support the restructuring process.

Sears Directors Hire Evercore to Examine Lampert’s Deals

Reuters reported two Sears Holdings’ board directors have hired investment bank Evercore to examine deals led by the company’s former CEO Eddie Lampert.

Sears Chairman Lampert Looking for Bankruptcy Financing Partners

Reuters reported that Sears chairman Eddie Lampert is holding discussions with Cyrus Capital Partners to share the $30 million financing to support the company’s Chapter 11 effort.

Nine West Amends Restructuring Plan, Lawsuit Pending

Nine West Holdings and certain of its affiliates filed an amended Chapter 11 plan of reorganization with the U.S. Bankruptcy Court for the Southern District of New York. The plan is accompanied by an amended and restated restructuring support agreement.

Lampert Defends Strategy, Still Strong on Sears

The Wall Street Journal reported Sears chairman Edward Lampert still believes Sears can rise again after filing Chapter 11.

Sears Files Chapter 11, BofA Provides $300MM DIP, Lampert Resigns as CEO

Sears Holdings filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. Bank of America is serving as administrative agent for $300 million of senior DIP financing.

Hilco, Gordon Brothers , SB360 to Close 184 National Stores Locations

National Stores will begin a store closing sale at 184 of its remaining locations. The store closing sales are being conducted by a joint venture consisting of Hilco Merchant Resources, Gordon Brothers and SB360 Capital Partners.

BofA, Wells Fargo, Citigroup Push Sears to Liquidate

The Wall Street Journal reported that Sears Holdings’ biggest lenders are pushing the retailer to liquidate its assets in a Chapter 7 bankruptcy filing.