(Bloomberg) -- (Updates to include further bid conditions)
Sears Chairman Eddie Lampert submitted a revised takeover bid in excess of $5 billion for the company, a boost from the previous $4.4 billion proposal, according to a regulatory filing.ESL's revised proposal maintains conditions from its previous offer, including the requirement that a $175 million secured real estate loan be funded at closing and ESL providing half of the real estate secured loan, with other lenders providing the balanceNew bid includes the assumption of additional liabilities by over $600 million, which includes:Up to $166 million of payment obligations on goods which Sears ordered and has not yet taken delivery and title prior to closingUp to $139 million of 503(b)(9) administrative priority claimsUp to $43 million of additional severance costs to be incurred by the DebtorsEstimated up to $180 million of cure costs related to contracts to be assumed by ESL's Transform HoldcoUp to $135 million of property taxes which ESL's Transform Holdco will acquire Revised bid also includes acquisition of additional assets that were previously proposed to be left with Sears' estate Cyrus Capital Partners commits to a new asset-based credit facility related to the rollover commitment, a new secured real estate loan, and certain reporting persons have committed to providing equityRevised bid will terminate 5pm ET on Jan. 13
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