Daily News: January 2, 2019

Lampert Files Last-Minute $4.4B Bid to Keep Sears in Business


According to the Pittsburgh Post-Gazette, ESL Investments, the hedge fund run by former Sears CEO Eddie Lampert, submitted a $4.4 billion bid to keep Sears afloat, coming in just under the wire before Friday’s filing deadline.

The Post-Gazette reported the bid is lower than Lampert’s initial proposal, but as of right now, is the only public bid out there aimed at keeping Sears in business.

The Post-Gazette added that should Lampert’s bid be approved by the bankruptcy court, it would be designated a stalking horse bidder for a future auction of the company. However, so far, ESL is the only investor who has expressed a public interest in Sears beyond liquidation.

Follow the story:
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In Last Minute Shake-Up, Cyrus Becomes DIP Lender for Sears
Sears to Sell Home Improvement Biz; Sidley Advising Stalking Horse Bidder
Sears Chairman Lampert Looking for Bankruptcy Financing Partners
Sears Files Chapter 11, BofA Provides $300MM DIP, Lampert Resigns as CEO