Sears Holdings Corp. is back at the cash machine that apparently is Edward S. Lampert.The department store amended, for the second time in a little more than two weeks, a loan agreement with JPP LLC and JPP II LLC, entities controlled by Lampert’s hedge fund ESL Investments Inc., to tap another $40 million in financing. Lampert, Sears’ chairman and chief executive officer, just loaned the company $100 million in the same fashion, presumably in time for the holiday season. The new amendment also allows for an additional $60 million to be drawn by mid-November, if additional collateral is put up, which would bring the amended loan amount to $200 million. Sears’ current debt to Lampert through the JPP entities is $524.1 million, according to a disclosure filed with the Securities and Exchange Commission.While the initial incremental loan was due to be repaid in April, the date has been pushed back to May, but it’s still backed by 66 real property assets. The remainder of the outstanding loan is not due until 2020.A Sears spokesman said the loan will be used to fund Sears' operations.
"We continue to focus on actions to provide the company with additional financial flexibility to generate liquidity and demonstrate our ability to manage our business while meeting all of our financial obligations," the spokesman added.
As for whether the $60 million also available under the second amendment is likely to be drawn, the spokesman declined to speculate.
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