Eddie loaned 200 million dollars to SRG today. Nothing for SHLD. Interesting development
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The ESL loan is not required as a bailout per se. Basically, it is a facility to be used on the 230 or so Seritage properties to pay overhead on closings. It is insurance.
I agree with 5M-rog
The loan will be used to speed up the process of getting sears out of the best locations and redeveloping them to lease to other retailers willing to pay more. Eddie needs to get sears out of the seritage properties as quickly as possible. He could care less about sears at this point, he just needs to transform Seritage to profitability by getting Sears out
ready to file BK