Sears' lenders are giving the embattled retailer more time to pay off its debt.
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Sears just scored a critical deal to extend its lifeline (SHLD)
Sears negotiated a deal to delay a majority of its repayment for a $500 million secured loan facility until January. The repayment was originally due in July.
Sears
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Short on cash, Sears negotiated a deal to delay a majority of its repayment for a $500 million secured loan facility until January, with the option to extend that deadline by another six months, the company said Tuesday.
The repayment was originally due in July. Sears will now pay $100 million in July, instead of the full amount.
These actions serve to reduce the size of the Company's debt and pension obligations, as well as future risk associated with the company's liabilities," Sears said in a news release.
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