linda,
this from page 14 of docket #2379 filed this morning:
30. ESL holds approximately $2.4 billion of senior secured debt of Sears.
In the Buyer’s capital structure, more than $1.3 billion of this debt will be converted into equity.
ESL is investing over $300 million in cash to facilitate its credit bid, including buying out other senior debt holders under the IP/Ground Lease, the FILO Facility, the Real Estate Loan 2020 and the Sparrow mortgage debt. Furthermore, ESL will be extending substantial long-term credit to New Sears, including a minimum of $106 million of the New Letter of Credit Facility and $87.5 million as part of the three-year Real Estate Loan. ESL therefore has much to lose if the Buyer’s go forward business plan is not successful.
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notice reference by esl to "New Sears"
