Sears Files Chapter 11, BofA Provides $300MM DIP, Lampert Resigns as CEO

Sears Holdings filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. Bank of America is serving as administrative agent for $300 million of senior DIP financing.

UBS Agents Amendment on Sears Credit Agreement

Sears Holdings amended its March 14, 2018 credit agreement, with UBS, Stamford Branch serving as administrative agent and UBS Securities acting as lead arranger and bookrunner.

ESL Proposes Buying Kenmore, Sears Home Improvement Biz

Sears Holdings’ board of directors received a letter from ESL Investments, the hedge fund led by the company’s Chairman and CEO Edward Lampert, proposing to buy the company’s Kenmore appliance division, Sears Home Services and PartsDirect.

JPP Agents Sears Term Loan Amendment

JPP acted as both administrative and collateral agent on an amendment to Sears Holdings’ second lien credit agreement.

JPP Agents $100MM Term Loan for Sears

Sears Holdings has raised $100 million in new financing and is pursuing an additional $200 million. JPP, an affiliate of Sears Chairman Edward Lampert’s hedge fund, ESL Investments,, has agented a $100 million term loan for the ailing retailer.

BofA Extends Sears $400MM Term Loan; USB Advises on New Facility

Sears Holdings entered into an agreement to extend the maturity of its existing term loan to January 2019, with the option to further extend the maturity to July 2019. The company also expects to close a new $600 million secured credit facility, advised by UBS Investment Bank.

Sears Borrows $100MM from CEO’s Hedge Fund, Can Borrow $100MM More

Sears Holdings amended its loan agreement with lenders controlled by CEO Edward Lampert to borrow an additional $100 million with the understanding it can borrow $100 million more prior to December 1, 2017.

Sears Releases Restructuring Update, Pursues Transformation

Sears Holdings Chairman and CEO Edward Lampert said the struggling retailer has improved operating performance and financial flexibility and will continue to work towards a successful restructuring.

Sears Outlines Next Phase of Its Strategic Transformation

Sears Holdings noted improvement in operating performance for Q4/16 and outlined important actions to drive profitability.

Stanley to Purchase Craftsman Brand From Sears For $900MM

Stanley Black & Decker will purchase the Craftsman brand from Sears Holdings in a transaction valued at approximately $900 million.