Eddie Lampert offers $4.6 billion to buy Sears out of bankruptcy
Sears Holdings chairman Eddie Lampert’s ESL Partners LP has submitted a bid valued at $4.6 billion to buy the bankrupt retailer, the hedge fund said Thursday.
The 125-year-old retailer, which had filed for bankruptcy protection on Oct. 15, faces a Dec. 15 deadline to find a buyer to keep it in business, according to court papers.
ESL’s bid to buy all the assets of Sears includes about $1.1 billion in liabilities from various company services and programs, as well as a $1.8 billion credit bid.
The bid also includes the rollover of about $271 million in cash collateral supporting letter of credit facility and $950 million in cash to be funded with the proceeds of new asset-based credit facility to be obtained by the new company.
ESL said the new company formed through the deal would provide employment to about 50,000 Sears employees.
Lampert, who stepped down as chief executive officer when Sears filed for bankruptcy, is the company’s largest creditor and shareholder.
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