matters" leads to an overabundance of reaffirmations
said it had reached a preliminary settlement in response to multiple class-action reaffirmation
If all the Bankruptcy Code requirements are not met, a reaffirmation
agreement has no legal effect and the debts listed in it are discharged along with all others.
The settlement provides additional compensation and other relief to bankruptcy debtors who entered into reaffirmation
agreements with the company's affiliates, without such agreements having been properly filed or approved by bankruptcy courts.
The resolution of the United States Attorney's investigation will conclude the last in a series of legal actions surrounding Sears failure to file some reaffirmation
agreements which the company reached with Chapter 7 bankruptcy debtors.
The NRF maintains that the NBRC's proposed ban on unsecured reaffirmations
would compel debtors to "burn all bridges" with credit grantors from whom they've borrowed in the past and cannot afford to repay.
These accounts will be charged-off immediately if or when Sears determines that the reaffirmation
was not properly filed and approved by the appropriate bankruptcy authority.
Under the plan, the company will return amounts collected through reaffirmation
agreements that were not filed, including principal and finance charges, with interest.
for each individual trust are based on an analysis of the additional accounts and receivables added to each trust, the current receivables pool, the performance of each trust through February 1993, the sellers'(Citibank (Nevada) and Citibank (South Dakota)) underwriting procedures, the servicer's (Citibank (South Dakota)) procedures, the legal structure of each issue, and each trust's outstanding credit enhancement.
The following 13 rating reaffirmations
come as a result of lump sum additions of additional credit card accounts and the receivables balances to the following trusts.
The following nine public rating reaffirmations
come as a result of the transfer of servicing to NationsBanc Financial Services Corporation, a subsidiary of NationsBank Corporation.
Duff & Phelps' reaffirmation
reflects CPC's strong and stable cash flow generated by its leading global consumer food businesses.