With No New Bids, Judge OKs Sears Notes Sale To Cyrus

By Rick Archer (January 2, 2019, 6:18 PM EST) -- A New York bankruptcy judge on Wednesday approved the sale of $900 million in Sears Holding Corp. intercompany debt to debtor-in-place lender Cyrus Capital Partners after last month's call for new offers found no takers.

While saying it was "odd" that opposition to the deal had apparently evaporated in the last two weeks, U.S. Bankruptcy Court Judge Robert Drain said he now had no reason not to approve the agreement between Sears and Cyrus — including a provision locking down $1.4 billion in unsold notes he had previously found went beyond his sale order — after no objections or alternative offers...

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