Sears Holdings: Eddie Lampert (73.9% active stake) delivers proposal to the Board requesting Holdings consider liability management transactions, real estate transactions and asset sales intended to extend near-term debt maturities, reduce long-term debt, eliminate associated cash interest obligations and obtain additional liquidity
The proposed liability management transactions included in the September 23 Proposal provide for exchange offers to eligible holders of second lien debt and eligible holders of unsecured debt. These potential exchange offers together could save Holdings approximately $33 million per year in cash interest and eliminate approximately $1.1 billion in debt.