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Article Date: November 2018
Word Count: 267

Sears Nears Financing Deal Without Lampert


New lenders are reportedly helping to increase the DIP financing to $600 million from $300 million to fund an emergence from Chapter 11, but ESL Investments, controlled by former Sears CEO Eddie Lampert, isn’t among those in the current group because banks refused to give him the same seniority as they had on repayment. Sears is said to be in discussions with Cyrus Capital for up to $450 million in DIP financing that would be secured by assets now held by the banks, according to Reuters. In turn, the banks would reduce their exposure to Sears by lowering their credit ... Log in to view full article.

 


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