Struggling Sears is borrowing another $200 million from its CEO to stay afloat (SHLD)

Sears is borrowing more money from CEO Eddie Lampert's hedge fund to stay afloat.
The company announced Thursday that it obtained a loan called a secured standby letter of credit for an initial $200 million, with the option to expand the amount to $500 million.
This particular kind of loan comes with a guarantee on behalf of the lenders that Sears' suppliers will be paid, should the company default on its debt.
The loan is being provided by JPP, LLC and JPP II, LLC, which are affiliates of Lampe