- Sears Holdings (SHLD) announces agreements to extend a portion of its $500M 2016 secured loan facility and annuitize $515M of its pension obligations.
- The company says the actions will reduce the size of its debt and pension obligations, as well as future risk associated with liabilities.
- Sears is targeting a reduction in outstanding debt and pension obligations of $1.5B for FY17 through improving profitability, asset sales and working capital management.
- Source: Press Release