Sears seeks OK on $350 million junior DIP financing
Sears Holding Corp. has make an urgent request for more cash to fund operations.
The bankrupt retailer is seeking court approval of a $350 million junior DIP facility with Great American Capital Partners, Women’s Wear Daily reported. According to the report, Sears has garnered $210 million in weekly receipts since it filed for Chapter 11 bankruptcy protection on Oct. 15. But it needs additional cash to fund operations.
“Sears needs breathing room to determine the best and most value-maximizing path forward,” Sears CFO Robert Riecker stated in a court document. If the junior DIP facility is not approved, he added, Sears “will be forced to immediately liquidate at fire sale prices and tens of thousands of jobs will be lost.”
The bankrupt retailer is seeking court approval of a $350 million junior DIP facility with Great American Capital Partners, Women’s Wear Daily reported. According to the report, Sears has garnered $210 million in weekly receipts since it filed for Chapter 11 bankruptcy protection on Oct. 15. But it needs additional cash to fund operations.
“Sears needs breathing room to determine the best and most value-maximizing path forward,” Sears CFO Robert Riecker stated in a court document. If the junior DIP facility is not approved, he added, Sears “will be forced to immediately liquidate at fire sale prices and tens of thousands of jobs will be lost.”