Sears chairman Lampert seeks partner for bankruptcy financing
Sears Holdings chairman Eddie Lampert is in discussions with at least one potential partner to contribute to a $300 million bankruptcy loan the U.S. retailer is seeking, people familiar with the matter said on Sunday.
Lampert's hedge fund, ESL Investments Inc, has held discussions with Cyrus Capital Partners LP, an investment firm that holds some of Sears' existing debt, about sharing the burden of funding portions of the $300 million loan, which would be separate from another $300 million bankruptcy loan that Sears' banks have offered to provide, the sources said.
The sources asked not to be identified because the deliberations are confidential. A Sears spokesman did not respond to a request for comment on Sunday.
Sears' survival will depend on the willingness of creditors and suppliers to keep the company afloat. Strong sales in the end-of-year holiday season will be key in determining that, putting pressure on the department store operator to secure enough financing to remain operational until then.
https://www.msn.com/en-us/money/companies/sears-chairman-lampert-seeks-partner-for-bankruptcy-financing/ar-BBOHKTf?li=BBnbfcN
