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Sears CEO Lampert offers new deals to avert bankruptcy


Added 09-24-18 10:03:01pm EST - “Sears Holdings Corp Chief Executive Eddie Lampert, a major investor in the compa...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Sears CEO Lampert offers new deals to avert bankruptcy”. Below is an excerpt from the article.

(Reuters) - Sears Holdings Corp (SHLD.O) Chief Executive Eddie Lampert, a major investor in the company, has proposed rescue deals to help the department store chain avoid bankruptcy as debt matures next month and it faces a cash crunch, according to a regulatory filing released on Monday.

Billionaire Lampert, who also runs hedge fund ESL Investments Inc, said the 125-year-old department store chain should take steps reduce its debt load to $1.2 billion from $5.6 billion. Lampert and his hedge fund, which he controls, own about 50 percent of Sears, according to Thomson Reuters data.

Lampert said Sears should offer creditors options to extend their debt or exchange it for new holdings, giving Sears more time to turn its business around.

Lampert said the company should continue selling real estate to reduce debt by $1.5 billion and that ESL would be a back-up bidder for the properties.

In an internal message seen by Reuters, Sears said, “We will now be working aggressively to execute liability management transactions so that we can extend our runway and continue executing on our transformation strategy.”

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