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Sears Adds Restructuring Expert to Board as Retailer Struggles to Obtain Emergency Financing

October 11, 2018, 08:00 AM
Filed Under: Retail

Sears Holdings Corporation announced that Alan J. Carr, Managing Member and CEO of Drivetrain, LLC, has joined the Board of Directors, raising the specter of a possible bankruptcy filing on the horizon. The news comes as the retailer is reportedly struggling to negotiate an emergency financing package with lenders including Bank of America, Wells Fargo and Citigroup. The company met with creditors on Wednesday to arrange debtor-in-possession financing ahead of an anticipated Chapter 11 filing, according to reports; but lenders are said to be pressing to liquidate the 125-year old retail giant.

According to CNBC, Sears has a $134 million debt payment due Monday that it previously said it may not be able to cover.

Carr has significant experience as a principal, investor and advisor leading complex financial restructurings, as well as serving as a director of reorganized businesses in the U.S. and Europe. Carr was previously an attorney at Skadden, Arps, Slate, Meagher & Flom LLP and Ravin, Sarasohn, Baumgarten, Fisch & Rosen.

Edward S. Lampert, Chairman and Chief Executive Officer of Sears Holdings, said: "Alan brings deep experience as a director for companies that went through complex organizational change. We are pleased to welcome him to the Board and look forward to the benefit of his expertise as we work to maximize value for the Company and its stakeholders."

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