Struggling retailer Sears received approval on Tuesday for a $350 million loan, which will keep the bankrupt department store chain operating through the holidays, according to Reuters.
The funding, which was approved during a hearing in bankruptcy court, will reportedly come from Cyprus Capital Partners. The firm is one of the hedge funds that was in talks with Sears to keep it operating during bankruptcy proceedings, people familiar with the matter told Reuters.
The deal is expected to replace an agreement reached with Great American Capital Partners earlier this month. Sources told Reuters the terms of the new deal were more favorable.
A Sears spokesperson declined to comment. Cyprus Capital Partners did not immediately return FOX Business’ request for comment.