Lampert's hedge fund and Cyrus Capital to team up for possible Sears bid- Bloomberg

Bloomberg@

Nov 28 (Reuters) - Sears Holdings Corp Chairman Eddie Lampert's hedge fund and Cyrus Capital Partners LP are preparing a potential takeover bid to keep the bankrupt retailer running, Bloomberg reported https://www.bloomberg.com/news/articles/2018-11-28/sears-head-lampert-said-to-te a m - w i t h - c y r u s - o n - p o s s i b l e - t a k e o v e r ? s r n d = m a r k e t s - v p on Wednesday.

The prospective suitors may offer to swap debt they hold for ownership of the stores in a so-called credit bid, the report said, citing people familiar with the matter.

A Sears spokesperson and Lampert's ESL Investments declined to comment on the matter. Cyrus did not comment on the subject.

On Tuesday, Sears won a court approval for $350 million in critical bankruptcy financing that will keep the retailer open through the holidays.

Reuters reported that the retailer reached a deal with Cyrus for the financing just before the hearing began on the retailer's so-called debtor-in-possession financing arrangements. (Reporting by Nivedita Balu in Bengaluru; Editing by Shailesh Kuber)