SHLDQ - Sears Holdings Corp

[BTShine]

Did they sell 30,000 and keep 120,000?

[Greyhound]

Based on that report, that's probably what happened!

Take away, there's still lots more value to be unlocked from that location!

[BeerBBQ]

As it relates to the 2018 senior secured notes maturing in October, the 3Q 10-q states "Subsequent to the end of our third quarter, we commenced a consent solicitation to amend the borrowing base definition in the indenture. We subsequently terminated the consent solicitation prior to its scheduled expiration. "

The implication is that they did not get consent for the amendment?

So, anyone know how these notes were amended as stated in the release today?

https://finance.yahoo.com/news/sears-holdings-announces-plan-enhance-120000554.html

Can they just amend unilaterally? How does this work?

[Eye4Valu]

As it relates to the 2018 senior secured notes maturing in October, the 3Q 10-q states "Subsequent to the end of our third quarter, we commenced a consent solicitation to amend the borrowing base definition in the indenture. We subsequently terminated the consent solicitation prior to its scheduled expiration. "

The implication is that they did not get consent for the amendment?

So, anyone know how these notes were amended as stated in the release today?

https://finance.yahoo.com/news/sears-holdings-announces-plan-enhance-120000554.html

Can they just amend unilaterally? How does this work?

It would depend on the terms of the Bond Indenture I would think.

[sampr01]

As it relates to the 2018 senior secured notes maturing in October, the 3Q 10-q states "Subsequent to the end of our third quarter, we commenced a consent solicitation to amend the borrowing base definition in the indenture. We subsequently terminated the consent solicitation prior to its scheduled expiration. "

The implication is that they did not get consent for the amendment?

So, anyone know how these notes were amended as stated in the release today?

https://finance.yahoo.com/news/sears-holdings-announces-plan-enhance-120000554.html

Can they just amend unilaterally? How does this work?

There was a second solicitation process to extend the maturity which was over subscribed

please can you provide more details. I have few 18 notes but didn't receive any consent proposals. Thanks

[BeerBBQ]

I didn't see a second consent solicitation either

[jrydaf]

The recent filing says they did receive the required majority consent to amend the notes.  They were already at 48% when the first solicitation went out, which must have come from institutional investors. I'm guessing they privately received 50% consent from institutions without needing to send a second solicitation to retail investors. 

Does anyone know who owns this debt? Berkowitz and Lampert don't own much, and their consent wouldn't count anyway since they are affiliated with the company.

[Marve2013]

Is anyone experiencing difficulty getting onto the shopyourway website?  Thanks

[Eye4Valu]

 I recently went to my local Sears and purchased a new washer and dryer. The store wasn't run down, the salesperson was very helpful, the installation was professional, and the new washer and dryer (Kenmore Elite) work great. It was nothing but a positive experience. I would purchase from Sears again.

[moneyball]

I recently went to my local Sears and purchased a new washer and dryer. The store wasn't run down, the salesperson was very helpful, the installation was professional, and the new washer and dryer (Kenmore Elite) work great. It was nothing but a positive experience. I would purchase from Sears again.

Wow I didn’t know Eddie himself frequents this site!