Sears Holdings – Wilmington Trust Objects to Cyrus Capital’s Junior DIP Loan, Questions Whether Terms Pass “Sound Business Judgment” Smell Test

December 13, 2018 – Wilmington Trust, National Association (“Wilmington”), the Trustee in respect of the Debtors’ 6 5/8% Senior Secured Notes due 2018, objected to the Debtors’ motion requesting authority to enter into a proposed $200mn junior debtor-in-possession (“DIP”) financing arrangement (the “Junior DIP Loan”) with Cyrus Capital [Docket No. 1207] citing its view that…