Just curious about these properties
I know it would take 90 days to close the deal between sears and pbgc just wondering if anyone knows anything
Deal shd close about February 2018
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A turd is a turd is a turd
Yup, just wait for the announcements and in the meantime be proactive in job searching!!! We all know things haven’t been right in a long time.
Not even worth trying to figure it out as none of us will be right. Let it go....
@QJt1hRR-cud So in other words, Sears is accquiring more debt that it won't be able to pay back in the long run. Great strategy....
Sears announced it had obtained a $600 million secured credit facility ($407 first lien tranche and 200 second lien) that is backed by the ~140 properties released by the PGBC. This gives Sears the "flexibility" to make the contributions to the pension it had agreed to with the release of these properties. It's basically a cash-advance backed by the properties.
I meant to write $ 600 million credit and $400 million pension deficit.
They are going to attempt to get $6 million in credit. Part of this will be used toward the $2 million deficit.
They are supposed to put 400 million into the pension deficit. How does a loan extension put money into the pension?
Yes, what is going on! I guess we wil know soon.
The properties were put up as collateral for a loan extension and additional revolver usage.