Bankruptcy Law News

Sears Bills from Lawyers, Bankers Need Examination: U.S. Trustee

Jan. 4, 2019, 7:14 PM

The U.S. Trustee overseeing the bankruptcy of Sears Holdings Corp. says the case needs an independent fee examiner to analyze the fee requests filed by over a dozen professionals, according to a court filing Jan. 4.

“The appointment of a fee examiner will promote consistency, predictability, and transparency when the retained professionals file their applications,” the filing said.

The fee examiner would have the power to file comments on fee applications to docket, conduct discovery and request budgets and staffing plans from the professionals.

Professionals retained by Sears include law firm Weil, Gotshal & Manges, investment banker Lazard Freres & Co., and chief restructuring officer M-III Advisory Partners, the filing said.

A hearing on the motion is slated for Jan. 18. The U.S. Trustee recently objected to Sears plan to raise maximum amount payable to Lazard from $12.5 million to $19.5 million.

The case is Sears Holdings Corporation, Bankr. S.D.N.Y., No. 7:18-bk-23538.

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To contact the reporter on this story: Josh Saul in New York at jsaul15@bloomberg.net

To contact the editors responsible for this story: Rick Green at rgreen18@bloomberg.net Dawn McCarty

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