ML-Implode News - Sears may be days away from bankruptcy, as Berkowitz bails

Sears Holdings, the parent company of Sears and Kmart, faces an October 15 deadline to pay $134 million on its debt. CEO and primary shareholder Eddie Lampert told the company's board that it was crucial it restructure more than $5 billion it owes "without delay," according to a recent regulatory filing.
Investors are giving up hope on a deal. Sears Holdings (SHLD) stock plunged 28% Wednesday. The stock has lost two-thirds of its already depressed value since Lampert announced the attempt to restructure the company's debt on September 24.
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Sears revealed Tuesday night that investor Bruce Berkowitz of Fairholme Capital Management dumped 142,000 shares of Sears in the last few days, for only 59 cents to 65 cents a share. The sale represents just 8% of his remaining stake in the company, but it's not a good sign: He may be cutting some of his losses, because shareholders are typically wiped out in a bankruptcy.

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Sears may be days away from bankruptcy, as Berkowitz bails