Report: Suitors prepare takeover bid for Sears

Two potential suitors are planning a joint takeover bid of Sears, people familiar with the matter told Bloomberg.

Cyrus Capital Partners and a hedge fund run by Sears Holdings Corp. Chairman Eddie Lampert are reportedly preparing to save the embattled retailer out of bankruptcy.

The companies may offer to swap debt they hold for ownership of the stores, a process called a credit bid, according to the sources.

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