Embattled retail parent Sears Holdings Corp. today reached agreements to lower its debt burden.
The company agreed to extend part of its $500 million 2016 secured loan facility and annuitize $515 million of its pension obligations
"This action is expected to have an immaterial impact on the funded status of our total pension obligations, but will serve to reduce the size of the company's combined pension plan, future cost volatility and plan administrative expenses," company officials said in a statement.
Read more from
MarketWatch Pulse.
[[In-content Ad]]