Tuesday, June 5, 2018

Troubled Sears gets more time to pay back its loans

Sears Holdings says in a Securities and Exchange Commission filing it has been given two extra years to repay lenders, including its CEO and hedge fund owner Eddie Lampert.

In its filing Monday night, the troubled department store chain said it has consolidated three loans, including two real estate loans totaling roughly $320 million and due in July. The new consolidated loan is due in July 2020.

Sears said it has about $779 million due in 2020, which is secured by 69 Sears-owned real estate assets. . . . more