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Sears desperately needs money to keep it afloat during bankruptcy. And now the deadline is getting tighter.The retailer, which filed for bankruptcy on Oct. 15, has already gotten a 0 million loan to help fund its operations while it tries to reorganize. It warned the day it filed that it would need an additional 0 million loan within weeks or else its ability to stay in business would be "seriously jeopardized."But now Sears has postponed a hearing that was set for November 1 to win bankruptcy court approval of such a loan, according to a court document filed Wednesday. No new meeting date was set.Sears declined to comment on the delay.A hedge fund owned by Eddie Lampert, who is also Sears chairman and majority shareholder, was expected to lead financing of the 0 million loan.CNBC reported Thursday that Lampert is looking to ensure that his hedge fund would get paid back first when it comes time for Sears to reimburse its creditors. Specifically, Lampert wants his ESL Investments hedge fund to have the same status as major banks like Wells Fargo and Citigroup that provided the initial 0 million loan, CNBC reported.Meanwhile, Sears is bleeding money. It said it is burning through cash at a rate of 5 million a month, according to its first-day filings.The 132-year-old company has been struggling for several years and is already drowning in debt. It was forced to file for bankruptcy when it came time to make a 4 million debt payment but didn't have the cash.Lampert, who gave up the CEO role at Sears as part of the filing, has been loaning money to Sears for years. But he has always taken steps to ensure that his loans are backed by hard assets, such as real estate or credit card balances, to improve his chances of having the loan repaid even in the case of bankruptcy. Even if Sears liquidates, he'll end up holding real estate worth hundreds of millions of dollars.Lampert is the company's largest creditor. He's owed at least .6 billion. 2024
SAN YSIDRO, Calif. (KGTV) — Businesses along the U.S.-Mexico border are bracing for a potential border shutdown, after President Donald Trump tweeted the threat Friday morning."If you get a day or two of closures, then there are a lot of businesses that won’t make it," predicted Jason Wells, the executive director of the San Ysidro Chamber of Commerce.He says, back in November when the San Ysidro Port of Entry was closed for six hours on a Sunday morning, it caused a .3 million economic loss to the businesses in the area.RELATED: Trump threatens to 'close' parts of U.S.-Mexican border if Mexico doesn't halt immigrationAcross the entire southern border, he says there is about billion in commerce every day that could be impacted by a closure.A lot of that impact would be felt on the Mexican side as well."This is a heavy handed ploy to get Mexico to react," commented Wells. 896
SAN MARCOS, Calif. (KGTV) -- A San Marcos school is in mourning after their principal died suddenly over the weekend. According to a statement sent to 10News by the San Marcos Unified School District, Carrie Geldard, Principal of Discovery Elementary died over the weekend. The cause wasn’t immediately clear. “She served the SMUSD community in a variety of capacities over the last 22 years including teacher, assistant principal and principal. Carrie was fiercely passionate about developing the whole child, while also emphasizing literacy and ensuring that every student was successful and prepared for the future of their dreams,” the district said in part. In response to the death, the district says crisis response teams were sent to support students and staff. “We extend our deepest sympathies to Carrie’s family, the Discovery Elementary community and the San Marcos Unified School District community,” the district continued. 946
SATURDAY TRAVELERS: The Terminal 2 East entrance on W. Harbor Drive is temporarily closed after a vehicle struck a fire hydant. Use Terminal 1 entrance. ALSO, all concessions in Terminal 2 East are temporarily closed. We apologize for any inconvenience. Stay tuned for updates.— San Diego Airport (@SanDiegoAirport) September 7, 2019 348
Search and rescue operations are underway off the coast of Japan for a U.S. Marine Corps F/A-18 fighter jet and KC-130 refueling tanker involved in a mishap, according to ABC News. Five people were onboard the tanker while two were onboard the jet. One person has so far been rescued. Officials later announced on Twitter that the person rescued was being evaluated as the search for the six missing Marines continues. UPDATE:One of the personnel involved in the mishap is being evaluated by competent medical authorities at @MCASIwakuni. The search and rescue operations continue for the remaining six Marines.— U.S. Marines (@USMC) December 6, 2018 659
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