Sears investors triumph in court
A group of bondholders in Sears, Roebuck and Co have won an action against the American retailer following their challenge to the company’s redemption of their investment at par value.
$220 million of debt, issued in the early 1990s, was repaid at par after Sears took advantage of a call option allowing it to buy back the debt at that level. The call option was contingent on the value of outstanding Sears credit card bills falling by 33% for a period of three months, from its highest three-month
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