Sears Holdings has managed to ease more than $1 billion in looming debt repayments and pension obligations by refinancing a maturing loan and annuitizing its employee payouts.
“Sears unveiled Tuesday steps it is taking to improve its financial position, as rumors continue to swirl that its bankruptcy is looming and CEO Eddie Lampert has stepped up efforts to defend its business. The embattled department store chain said Tuesday it agreed to extend a portion of a $500 million secured loan facility and annuitize $515 million of its pension obligations.”
