https://www.wsj.com/articles/sears-hires-advisers-to-prepare-bankruptcy-filing-1539136189
Sears, which has been losing money for years, has $134 million in debt due on Monday. Edward Lampert, the hedge-fund manager who is Sears’s chairman, chief executive, largest shareholder and biggest creditor, could rescue the company, as he has done in the past by making the payment.
But Mr. Lampert is pushing for a broader restructuring that would include shaving more than $1 billion from Sears’s $5.5 billion debt load, selling another $1.5 billion of real estate and divesting $1.75 billion of assets, including the Kenmore appliance brand, which he has offered $400 million to buy himself.
Mr. Lampert wants to restructure Sears’s debt without filing for bankruptcy protection, because he views bankruptcy as risky for retailers, according to a person familiar with his thinking.
Anyone want to take bets if Sears will make it to Black Friday or Christmas?
Submitted October 10, 2018 at 12:18AM by COMPUTER1313 https://ift.tt/2OjJkpr
