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It was an amount the club could not afford to refuse.
"It was an amount of books you wouldn't necessarily want to live with," he said.
Salle recalled: "The situation was horrible a year ago – €20bn for three companies was an amount comparable to an entire budget for some countries".
"Any recovery would not be property until it became choate, until there was an amount of money assigned to it," he explained.
It was an amount in some ways laughable to him, because he expected never to pay it off in this lifetime, but at the same time he knew it was a serious matter.
Kmart would not say how much money it was seeking from lenders, but Mr. Hood said it was an amount over the $1.5 billion in the revolving line of credit, adding that lenders would want to have any new credit secured by assets, most likely inventory.
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CEO of Professional Science Editing for Scientists @ prosciediting.com