Newly appointed Sears Sears (NASDAQ:SHLD)
Chief Restructuring Officer Mohsin Meghji Will Change The Company Around
Mr.Mohsin Meghji is a former Arthur Andersen workout consultant and a founder of M-III Partners.
As managing partner at M-III, a New York-based merchant banking and advisory firm, Meghji is a nationally recognized turnaround professional with an exemplary track record in a wide range of industries. He focuses on maximizing value by taking on management and/or advisory roles in partnership with some of the world’s leading financial institutions, private equity and distressed hedge fund investors.
Meghji serves as chairman of the board of directors of Infrastructure & Energy Alternatives, Inc. (NASDAQ:IEA), a leading infrastructure construction company with specialized renewable energy and heavy civil expertise. Listed on the NASDAQ stock exchange, IEA became a public company through a merger with a special-purpose acquisition company sponsored by M-III.
Prior to founding M-III in late 2014, he was executive vice president and head of strategy at Springleaf Holdings, LLC, and CEO of its captive insurance companies. A portfolio company of Fortress Investment Group, Springleaf was listed on the NYSE in 2013.
He is also on the board of Children's Museum of Manhattan, Inc., bioAffinity Technologies, Inc. and Equity Group International Foundation and Managing Partner at M-III Partners LLC.
In the past Mohsin Y. Meghji was Managing Director & Principal at Loughlin, Meghji & Co., Partner at Global Corporate Finance, Executive Vice President & Head -Strategy at OneMain Holdings, Inc. Chief Executive Officer at Yosemite Insurance Co. Chief Executive Officer for Merit Life Insurance Co. and Executive Vice President & Head-Strategy at Springleaf Finance, Inc. (which are all subsidiaries of OneMain Holdings, Inc.), Partner-Global Corporate Finance Group at Arthur Andersen LLP, Chairman & Chief Executive Officer of M III Acquisition Corp. and Senior Managing Director at C-III Capital Partners LLC.
Mr. Meghji received an undergraduate degree from The Schulich School of Business.
- Sears Holdings Corporation ("Holdings," "we," "our," or the "Company") (NASDAQ: SHLD) today announced that the U.S. Bankruptcy Court for the Southern District of New York (the "Court") granted interim approval of all the Company's first day motions related to its voluntary Chapter 11 restructuring.
- Collectively, the approvals by the Court immediately improve the Company's liquidity position and allow Holdings to continue its business operations throughout the financial restructuring process.
- "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 A. Riecker, Chief Financial Officer, and member of the Office of the Chief Executive.
In connection with today's announcement that Sears Holdings Corporation and certain of its subsidiaries ("Sears") have filed for bankruptcy protection, Tempur Sealy International, Inc. (NYSE: TPX) is disclosing its credit exposure and sales volume related to Sears. Sears represented less than 5% of the Company's global net sales and less than $5 million of its accounts receivable exposure as of September 30, 2018.
Tempur Sealy International, Inc. Chairman and CEO Scott Thompson commented, "Our products are broadly distributed across many channels so consumers can choose where and how they wish to shop. We continue to work closely with Sears during their restructuring process while managing our related financial and operational risks."
CWEB Analysts have Reiterate a Buy Rating for Sears (NASDAQ:SHLD) Corporation.