A week after filing for Chapter 11 bankruptcy protection, Sears Holdings chairman Edward Lampert is looking for financial partners on a $300 million loan sought by the retailer, Reuters reported on Monday, October 22.
According to the report, the Lampert-owned ESL Investments has been in discussion with Cyrus Capital Partners about funding portions of the loan, which would be separate from another $300 million loan several banks have offered to provide the struggling retailer.
The report cited sources close to the Sears bankruptcy matter that were not identified in the story.
With offices in New York and London, Cyrus works with companies to structure capital solutions and its team offers a host of skill sets that include bankruptcy and restructuring, according to the company’s website.
The Reuters report noted that the bankruptcy loans from various financial institutions including Bank of America, Wells Fargo and Citigroup falls first in line for repayment in the Sears bankruptcy proceeding.
In its bankruptcy filing on October 15, Sears said it planned on closing 142 of its 700 stores by the end of 2018 and sell up to 400 of its best-performing stores via auction in January to a buyer that would keep them open for business.