Reuters reported the restructuring team winding up the Sears bankruptcy estate filed suit against former chair Eddie Lampbert, claiming his hedge fund illegally drew billions of dollars from the company before it entered Chapter 11.
According to the Associated Press, U.S. Bankruptcy Judge Robert Drain approved the $5.2 billion plan proposed by Sears chairman Eddie Lampert to save 425 stores and 45,000 jobs under the iconic brand.
ESL Investments was selected as the winning bidder in the court-supervised bankruptcy auction of Sears Holdings. ESL will acquire substantially all of the company’s assets for approximately $5.2 billion.
According to two Bloomberg articles, Eddie Lambert’s ESL Investments has increased its bid to purchase Sears to $5 billion and hopes to keep the bankruptcy court in its corner by maintaining more jobs than initially proposed.
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.
According to a report from CNBC, Sears chairman Eddie Lampert and his hedge fund, ESL Investments, only have until the end of the day today to officially submit a bid to buyout and potentially save the 125-year-old Sears company.
Reuters has reported that ESL Investments, the hedge fund run by Sears’ former CEO Eddie Lampert and the store’s largest creditor, has forwarded a $4.6 billion bid to rescue 500 Sears stores from liquidation.
According to Bloomberg, in a dramatic last minute deal, Cyprus Capital Partners agreed to provide Sears Holding junior DIP financing, scuttling the company’s prior agreement with Great American Capital Partners.
Sears Holdings is seeking court approval for Service.com to serve as a stalking horse bidder on the Sears Home Improvement business in a Section 363 sale. Sidley Austin is advising Service.com on the transaction.
Reuters reported two Sears Holdings’ board directors have hired investment bank Evercore to examine deals led by the company’s former CEO Eddie Lampert.