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Sears Chairman Eddie Lampert Bids $4.6 Billion to Save Bankrupt Retailer

Sears might have just found its savior — in the form of its very own chairman, Eddie Lampert.
The billionaire executive has placed a $4.6 billion bid through his hedge fund, ESL Investments Inc., in a last-ditch effort to salvage what’s left of the once-dominant retailer, which filed for bankruptcy on Oct. 15.
In a regulatory filing addressed to Sears debtors’ investment banker, Lazard Frères & Co., Lampert shared plans to purchase the struggling company with an offer that includes up to $950 million in cash, a credit bid of about $1.8 billion and the assumption of an estimated $1.1 billion in liabilities. The acquisition, which would be completed through a newly formed entity called Newco, will consist of other funds such as the rollover of cash collateral as well as a combination of cash and notes.
“Sears is an iconic fixture in American retail, and we continue to believe in the company’s immense potential to evolve and operate profitably as a going concern with a new capitalization and organizational structure,” the letter read. “We believe that our strategy will enable Sears to prosper in an integrated consumer and retail landscape and view a going concern transaction as essential to providing optimal value

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Via:: https://footwearnews.com/2018/business/retail/sears-eddie-lampert-bid-esl-investments-1202715468/