Sears Chairman Eddie Lampert Boosts Bid to Over $5 Billion

  • In Tech
  • 2019-01-10 14:38:36Z
  • By Bloomberg

(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

To contact the reporters on this story: Yueqi Yang in New York at;Nick Lichtenberg in New York at

To contact the editor responsible for this story: Chakradhar Adusumilli at

For more articles like this, please visit us at

©2019 Bloomberg L.P.


More Related News

Airbus Seals Long-Awaited Aircraft Order From China
Airbus Seals Long-Awaited Aircraft Order From China
  • Tech
  • 2019-03-25 18:47:44Z

The mammoth order consists of 290 A320-series narrow-body planes and 10 A350 wide-bodies, Toulouse-based Airbus said after the transaction was announced in Paris on Monday. The deal's value is almost double that touted by French President Emmanuel Macron in January 2018 during a trip to Beijing. The

Top Judiciary Democrat Says He Wants Barr to Explain Conclusions
Top Judiciary Democrat Says He Wants Barr to Explain Conclusions

Representative Jerrold Nadler of New York said he wants to know why Barr concluded there wasn't sufficient evidence to prosecute Trump while Special Counsel Robert Mueller's report said the investigation did "not conclude that the president committed a crime, it also does not exonerate him," according to Barr's letter to Congress summarizing the findings. "Given what Barr found on obstruction of justice, I think all of us should be very concerned about the even-handedness," Nadler said on MSNBC.

Top Democrat Sees
Top Democrat Sees 'Cover-Up' If Barr Denies Full Mueller Report

House Judiciary Committee Chairman Jerrold Nadler said providing Congress with anything less would be equivalent to a "cover-up" and subvert the legislative branch of the government from holding the president accountable, a fight the party is willing to take to the nation's highest court. "Once you say that a president can not be indictable no matter the evidence as a matter of law, to then follow the principle that you can't then comment on the evidence or publicize it is to convert that into a cover-up," Nadler told "Fox News Sunday," one of three television appearances for the morning. "If that is the case, and they can't hold him accountable, the only institution that can hold a...

Maduro Vows `Deep
Maduro Vows `Deep' Change in Venezuela Government Amid Pressure

"I will in the coming hours announce new government methods and a profound change in the entire government of Venezuela," Maduro said in a speech at a political rally broadcast on state television. Maduro himself faces pressure to step down amid one of the worst economic crises in the country's history

Kamala Harris Calls for U.S. Spending Hike to Boost Teacher Pay
Kamala Harris Calls for U.S. Spending Hike to Boost Teacher Pay

The California senator will tell the Texas Southern University College Democrats in Houston that she'd seek to fully close the pay gap for public school teachers in her first term as president, according to a campaign aide who wasn't authorized to discuss the plan publicly. Harris's campaign cited a study by the progressive-leaning Economic Policy Institute that found that elementary, middle, and secondary public school teachers earn 11.1 percent less than similar college graduates, even after accounting for benefits, according to 2017 data. The candidate's call comes amid a flurry of policy ideas from a large Democratic presidential field aimed at mitigating rising inequality and...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply


Top News: Tech

Hit "Like"
Don't miss any important news
Thanks, you don't need to show me this anymore.