Sears Chairman Eddie Lampert is partnering with Cyrus Capital Partners in its bid for Sears Holdings, Bloomberg reported Wednesday.
Lampert has said in court filings that his hedge fund, ESL Investments, is planning to buy roughly 500 of Sears' stores, helping it to emerge from bankruptcy. It has been unclear how ESL would finance such a bid.
Cyrus Capital has emerged as a key party in Sears' bankruptcy. The fund Tuesday afternoon swooped in to help pay Sears' junior debt-in-possession financing, a surprising development in bankruptcy court that shocked even some of Sears' lenders. Sears had previously said it was working with Great American Capital Partners for the loan.