The issues facing Edward Lampert’s new Sears are piling up as the old Sears demands more cash it says it is owed from last month’s sale of the retailer’s assets at a bankruptcy auction, WSJ Pro Bankruptcy reported. Sears Holdings Corp., the company left behind in bankruptcy after Lampert’s purchase of Sears stores and other assets, is asking a bankruptcy judge to force the new company to pay $57.5 million, according to court papers filed on Monday. The amount at issue includes credit card and cash proceeds from sales made at stores after the closing of the sale to Lampert, as well as remaining cash in bank accounts and a portion of February rent paid, court papers show. Following a three-day sale hearing, Lampert’s ESL Investments won court approval to buy 425 Sears and Kmart stores for $5.2 billion. On Feb. 11 ESL announced the acquisition was completed.
Westmoreland Coal Co., one of the oldest coal companies in the U.S., said yesterday that it expects to emerge from bankruptcy in coming weeks after a judge approved a plan that will keep its mines running in Montana, New Mexico and several other states and Canadian provinces, the Associated Press reported. Westmoreland will keep its name but get new leadership as creditors take control a firm that fell more than $1.4 billion into debt amid declining coal markets. The company’s Kemmerer Mine in Wyoming is being sold off to Virginia businessman Tom Clarke. Bankruptcy Judge <b>David Jones</b> approved the company’s reorganization plan Saturday. All jobs at the mines being sold to the creditors — more than 1,000 positions — will be preserved, Westmoreland spokeswoman Jaimee Pavia said.
