Eddie Lampert’s hedge fund reportedly in Sears bid
Eddie Lampert still has hopes for his embattled Sears Holdings Corp.
Lampert, the chairman and CEO of Sears, is partnering with Cyrus Capital Partners in a bid for the bankruptcy Sears, according to CNBC, which cited a report by Bloomberg. Lampert said in court filings his hedge fund, ESL Investments, is planning to buy roughly 500 of Sears’ stores, helping it to emerge from bankruptcy, the report said.
In other developments, Sears won court approval for $350 million in bankruptcy financing that will keep it up and running through the holidays while it attempts to reorganize. Sears reached the deal with Cyrus Capital Partners LP just before a hearing was set to start in U.S. Bankruptcy Court for the Southern District of New York on the retailer’s debtor-in-possession financing arrangements.
The loan adds to $300 million that banks provided Sears when it filed for bankruptcy protection in October, giving the retailer a total of $650 million in financing.
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