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Bankrupt Sears Wins Court Approval for Plans to Sell Stores

“Sears filed for bankruptcy with its bank lenders promising to give it $300 million in bankruptcy financing” writes Min Read for reuters.com. WHITE PLAINS, N.Y. (Reuters) – Sears Holdings Corp (SHLDQ.PK) won U.S. bankruptcy court approval on Thursday to move forward with plans to stay in business and sell itself, even as it continues to evaluate offers to liquidate its business.The company faces a mid-December milestone to find a bidder for its approximately 500 remaining stores and other assets.To address the creditors’ concerns, attorneys for Sears said the retailer would…

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PG&E Shares Surge 40% on Report Regulator Wants to Avoid Bankruptcy From Wildfire

“S&P Global Ratings, citing rising risks that the company may face from the wildfire, also lowered its rating on PG&E by one notch to BBB-minus” writes Min Read for reuters.com. PG&E currently has no plans to file for bankruptcy, people close to the company said on Thursday. S&P said it expected the CPUC to support the company’s credit quality, adding there could be political pressure from public outrage over the wildfires that may hamper the CPUC’s efforts.Late on Thursday, Moody’s cut parent PG&E’s credit rating to one notch above junk,…

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Sears pops after report says its closing in on a deal that could keep it open through the holidays

“Sears picked Great American’s proposal for a bankruptcy loan instead of an offer from hedge funds including Cyrus Capital Partners LP, Reuters sources added” writes Ethel Jiang for aol.com. Sears exploded by as much as 28%, to a high of $0.47, Wednesday after a report said it is nearing a deal that would keep it open through the holidays.Sears’ stock topped out at more than $122 a share in 2007, giving the retailer a market capitalization of nearly $30 billion.The iconic American retailer filed for Chapter 11 bankruptcy last month,…

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Sears reportedly near a deal for $350 million bankruptcy loan

“The deal increases an existing financing package from banks to give Sears a bankruptcy loan totaling $650 million, the sources said” reports nypost.com. Sears picked Great American’s proposal for a bankruptcy loan instead of an offer from hedge funds including Cyrus Capital Partners, the people said.The loan from Great American Capital Partners — an affiliate of liquidation firm Great American Group and financial services firm B. Riley Financial — and its partners also gives Sears additional breathing room to seek buyers for its assets.Sears Holdings is finalizing a deal with…

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Is David’s Bridal filing for bankruptcy?

“David’s Bridal is making preparations for a bankruptcy filing if the retailer can’t reach an out-of-court deal with its creditors, according to people with knowledge of the matter” writes Katherine Doherty for sun-sentinel.com. Brides-to-be in panic as Alfred Angelo Bridal closes stores, files for bankruptcy Alfred Angelo Bridal apologizes for ‘inconvenience and hardship’ after bankruptcy filing The death of Alfred Angelo Bridal: It clung to old ways in fast-changing world. One proposed out-of-court scenario would include a paydown of David’s existing bank debt using cash from the rights offering backed…

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Sears is nearing a $600 million bankruptcy financing deal without the help of Eddie Lampert’s hedge fund

“A hearing to finalize Sears’ bankruptcy financing is scheduled for Nov. 15, according to a court filing” writes Mike Spector for businessinsider.com. Sears Holdings Corp is nearing a deal with new lenders to increase a bankruptcy financing package to as much as $600 million from $300 million without Chairman Eddie Lampert’s hedge fund contributing, people familiar with the matter said on Monday.A financing deal is expected to be announced as soon as this week, though the negotiations remain fluid and an agreement is not guaranteed, the sources said.ESL could end…

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Sears’ holiday sales are in peril as suppliers from GE Appliances to Serta Simmons demand they return millions of dollars in inventory

“Major Sears suppliers including GE Appliances, Electrolux, Whirlpool, and Serta Simmons Bedding are demanding that the retailer immediately return their inventory of refrigerators, washers, dryers, mattresses, and other goods” writes Hayley Peterson for businessinsider.com. Sears filed for bankruptcy in October, after years of closing stores and selling off assets amid crippling sales declines. Source: businessinsider.com Share This:

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Sears directors hire bank to scrutinize Lampert deals

“Two Sears Holdings board directors have hired investment bank Evercore to scrutinize deals that were led by former Sears Chief Executive Eddie Lampert with the US retailer before it filed for bankruptcy protection, people familiar with the matter said on Friday” reports nypost.com. The deals, including separations of Sears’ businesses and real estate, may come under examination in bankruptcy proceedings, with creditors claiming the transactions stripped the retailer of valuable assets.In addition to the directors, Lampert will also likely face probing from Sears’ unsecured creditors’ committee, a group selected by…

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Sears directors tap Evercore to examine former CEO Lampert’s deals: sources

“The committee includes Sears’ landlords, the U.S. government body overseeing its remaining pensioners, vendors and representatives for bondholders” writes Midwest Communications Inc for 95kqds.com. The committee includes Sears’ landlords, the U.S. government overseeing its remaining pensioners, vendors and representatives for bondholders. Source: 95kqds.com Share This:

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