Report: Sears future in jeopardy
Eddie Lampert wants any future investment he puts into his bankrupt company to be protected.
Lampert’s hedge fund, ESL Investments, which has made numerous loans to Sears in recent years, was in talks to lead a $300 million debtor-in-possession loan to support the retailer through Chapter 11. But according to a report by CNBC, Lampert will only put in more money if his investment is further protected. If this caveat is not resolved, it could cast Sears’ future in serious doubt, the report said.
Sears is running out of time. The retailer warned in its documents filed with the bankruptcy court last week that without junior DIP financing its ability to sell as a going concern “will be seriously jeopardized,” CNBC reported.
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Lampert’s hedge fund, ESL Investments, which has made numerous loans to Sears in recent years, was in talks to lead a $300 million debtor-in-possession loan to support the retailer through Chapter 11. But according to a report by CNBC, Lampert will only put in more money if his investment is further protected. If this caveat is not resolved, it could cast Sears’ future in serious doubt, the report said.
Sears is running out of time. The retailer warned in its documents filed with the bankruptcy court last week that without junior DIP financing its ability to sell as a going concern “will be seriously jeopardized,” CNBC reported.
Click here to read more.