frugalchief Posted November 15, 2017 Share Posted November 15, 2017 Curious if this is the beginning of the end regarding BB and SHLD....after resigning from board, now a 1% sell off. Nice to see he bought some JOE for him personally. Link to comment Share on other sites More sharing options...
doughishere Posted November 17, 2017 Share Posted November 17, 2017 did any of the '18 holders get the notice for an proposed amendment a week or so ago? Link to comment Share on other sites More sharing options...
sampr01 Posted November 17, 2017 Share Posted November 17, 2017 did any of the '18 holders get the notice for an proposed amendment a week or so ago? No. Do you have link for proposed amendment. Thanks Link to comment Share on other sites More sharing options...
doughishere Posted November 17, 2017 Share Posted November 17, 2017 plus they got downgraded for the second time this year. Link to comment Share on other sites More sharing options...
sampr01 Posted November 17, 2017 Share Posted November 17, 2017 plus they got downgraded for the second time this year. Thanks for the info. do you have an expiration date on this consent?. Thanks Link to comment Share on other sites More sharing options...
doughishere Posted December 1, 2017 Share Posted December 1, 2017 what no chatter after that display. wow. hope no one blinked. i just wanna see if we can get this thread to 1k. Link to comment Share on other sites More sharing options...
jrydaf Posted December 1, 2017 Share Posted December 1, 2017 Looks like they withdrew that consent solicitation: "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. " They also said their debt exceeded the borrowing base at quarter end: "As of October 28, 2017, our borrowing base was below the above threshold, and if our borrowing base is below the above threshold at the end of our fiscal year, it will trigger an obligation to repurchase or repay second lien debt, in an amount equal to the excess of our funded debt secured by liens on our inventory as of year-end over the borrowing base. If we fail to make such repurchase or repayment, we would be in violation of our covenants under our Second Lien Credit Agreement. " Link to comment Share on other sites More sharing options...
BeerBBQ Posted December 1, 2017 Share Posted December 1, 2017 Is that language related to the term loans, the 6 5/8 debt or both? Link to comment Share on other sites More sharing options...
BeerBBQ Posted December 4, 2017 Share Posted December 4, 2017 Anybody buying the 2018 6 5/8 debt here? Looks they are trying to extend the maturity of the 2018 term loan that matures in June. I think all of the other debt that matures in front of the 6 5/8 notes is basically the loans controlled by Lampert and backed by real estate. Why wouldn't those loans get refinanced/maturities extended/paid off with real estate sales and clear pathway for the $300M of notes to get paid in October? Link to comment Share on other sites More sharing options...
sampr01 Posted December 4, 2017 Share Posted December 4, 2017 Few 18 and lot of 19's.. Anybody buying the 2018 6 5/8 debt here? Looks they are trying to extend the maturity of the 2018 term loan that matures in June. I think all of the other debt that matures in front of the 6 5/8 notes is basically the loans controlled by Lampert and backed by real estate. Why wouldn't those loans get refinanced/maturities extended/paid off with real estate sales and clear pathway for the $300M of notes to get paid in October? Link to comment Share on other sites More sharing options...
doughishere Posted December 7, 2017 Share Posted December 7, 2017 https://www.reuters.com/article/us-sears-memento/sears-investor-urges-company-to-explore-going-private-idUSKBN1E11QT I think a cobf member was just advertising a job for the same firm. If I'm not mistaken. Anyone know how the Spadones made their money? Link to comment Share on other sites More sharing options...
frugalchief Posted December 13, 2017 Share Posted December 13, 2017 Extends 2018 Term Loan Facility to 2019 https://www.prnewswire.com/news-releases/sears-holdings-announces-incremental-liquidity-actions-to-enhance-financial-flexibility-300570364.html Link to comment Share on other sites More sharing options...
Matson125 Posted January 6, 2018 Share Posted January 6, 2018 "Vornado, meanwhile, recently paid roughly $46 million to Kmart – whose department store occupies about 30,000 square feet on the ground, mezzanine and lower-level of the building" https://therealdeal.com/2018/01/04/vornado-has-plans-to-clear-out-more-space-for-facebook-in-midtown-south-sources/ Link to comment Share on other sites More sharing options...
Greyhound Posted January 7, 2018 Share Posted January 7, 2018 "Vornado, meanwhile, recently paid roughly $46 million to Kmart – whose department store occupies about 30,000 square feet on the ground, mezzanine and lower-level of the building" https://therealdeal.com/2018/01/04/vornado-has-plans-to-clear-out-more-space-for-facebook-in-midtown-south-sources/ That's $1500 PSF to buy out a lease Link to comment Share on other sites More sharing options...
merkhet Posted January 7, 2018 Share Posted January 7, 2018 "Vornado, meanwhile, recently paid roughly $46 million to Kmart – whose department store occupies about 30,000 square feet on the ground, mezzanine and lower-level of the building" https://therealdeal.com/2018/01/04/vornado-has-plans-to-clear-out-more-space-for-facebook-in-midtown-south-sources/ That's $1500 PSF to buy out a lease Well, the location of that store is absolutely incredible... Link to comment Share on other sites More sharing options...
Matson125 Posted January 7, 2018 Share Posted January 7, 2018 "Vornado, meanwhile, recently paid roughly $46 million to Kmart – whose department store occupies about 30,000 square feet on the ground, mezzanine and lower-level of the building" https://therealdeal.com/2018/01/04/vornado-has-plans-to-clear-out-more-space-for-facebook-in-midtown-south-sources/ That's $1500 PSF to buy out a lease Well, the location of that store is absolutely incredible... The Kmart store occupies 150,000 sq ft. according to the Astor Place website http://astorplace.nyc/directory/kmart Link to comment Share on other sites More sharing options...
merkhet Posted January 7, 2018 Share Posted January 7, 2018 I think 150,000 sq. ft. probably correct... Link to comment Share on other sites More sharing options...
BTShine Posted January 7, 2018 Share Posted January 7, 2018 Did they sell 30,000 and keep 120,000? Link to comment Share on other sites More sharing options...
Greyhound Posted January 8, 2018 Share Posted January 8, 2018 Based on that report, that's probably what happened! Take away, there's still lots more value to be unlocked from that location! Link to comment Share on other sites More sharing options...
BeerBBQ Posted January 10, 2018 Share Posted January 10, 2018 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? Link to comment Share on other sites More sharing options...
Eye4Valu Posted January 10, 2018 Share Posted January 10, 2018 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. Link to comment Share on other sites More sharing options...
sampr01 Posted January 13, 2018 Share Posted January 13, 2018 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 Link to comment Share on other sites More sharing options...
BeerBBQ Posted January 14, 2018 Share Posted January 14, 2018 I didn't see a second consent solicitation either Link to comment Share on other sites More sharing options...
jrydaf Posted January 15, 2018 Share Posted January 15, 2018 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. Link to comment Share on other sites More sharing options...
Marve2013 Posted January 24, 2018 Share Posted January 24, 2018 Is anyone experiencing difficulty getting onto the shopyourway website? Thanks Link to comment Share on other sites More sharing options...
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