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.
https://www.cnbc.com/2018/06/05/troubled-sears-gets-more-time-to-pay-back-its-loans.html
@1vhi- No, he has two more years to take more of the company and put it into his account.
That's just offensive... "I got you into this mess, but I'll let you have two more years to pay me back for it."
Really quite brilliant. Why not push your debt down the road? If you are planning on declaring BK soon then you still have some time to take more of the company for yourself and at BK all that debt goes away.
@cul - Not unlike the payday loan scheme or taking out a HELOC to pay debts. Let it compound and snowball.
No doubt their credit rating will go down again.
It came at the cost of a $1 million fee and additional collateral. A loan was maturing on July 20th; so there was little choice but to seek an amendment. The new loan was used to pay of the old loan; so no additional funds from the loan for operating expenses.