Very simple.
Bond matures in October 2018, meaning Eddie has to come up with billions by then. If you think he's gonna fork out billions at this stage of the game, I have a bridge to sell you in New York.
http://markets.businessinsider.com/bonds/6_625-Sears-Holdings-Bond-2018-US812350AE65
Nevermind the maturity date, a coupon comes due in April. I'd be shocked if he even makes that payment. And if he has no intention of making that payment, why even bother struggling through January and february?
Most of you are clueless about this side of things, and with swirls in your eyes make stupid predictions about how it'll be ok.
Ignorant people have two things in common.
They don't know they're ignorant, and they know very little about what they speak of.