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Investors Cheer $200 Million Loan to Sears

In a federal filing Monday, Sears Holdings Corp. (NASDAQ: SHLD) revealed that the company had received a $200 million line of credit from companies controlled by Sears Chairman and CEO Edward S. Lampert. The line of credit carries an annual fixed interest rate of 9.75% and has a maturity of 151 days.

Earlier this year Sears reached an agreement with its lenders that postponed a $100 million payment due this month until July of next year and a separate pension liability agreement that annuitizes some $515 million of the company’s pension obligations.

So far this year the company has...