Deals
Sears Head Eddie Lampert Teams With Cyrus on Possible Takeover
- ESL and Cyrus would offer to swap their debt for ownership
- Retailer needs cash to keep struggling chain in business
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Cyrus Capital Partners and a hedge fund run by Sears Holdings Corp. Chairman Eddie Lampert are preparing a potential joint takeover bid that would keep the bankrupt chain alive, according to people with knowledge of the matter.
The prospective suitors may offer to swap debt that they hold for ownership of the stores in a so-called credit bid, said the people, who asked not to be identified because the process isn’t public.