Sears agrees to consider revised takeover bid, staving off liquidation for now

A Sears store

The Seritage deal as well as the sale of Lands' End are being investigated by the creditors' committee and are the subject of potential litigation against ESL and Lampert, who offered to pay $35 million to be absolved of allegations that ESL paid favorable prices to obtain the assets.

The court hearing that was set for Tuesday morning was delayed until the afternoon, a development that Reuters called "sign that Sears and Lampert were continuing to negotiate".

The 126-year-old company, the descendant of the mail-order catalog that reshaped American commerce, rejected a US$4.4 billion offer for selected stores from Lampert and his hedge fund, ESL Investments Inc., on Friday.

"U.S. Bankruptcy Judge Robert Drain in the Southern District of NY, who is presiding over the case, could decide to give Lampert more time to improve on his bid, the sources said", Reuters notes. If the court sides with Sears, the company will go ahead with a scheduled auction of company assets January 14.

But the deadline passed without any word from Sears on the status of the bid.

Even though no other bidders stepped forward, Sears Holdings' board decided the offer wasn't good enough since almost a quarter of it was in the form of debt forgiveness.

Sears filed for Chapter 11 bankruptcy in October.

Santiago Solari wants to keep Isco at Real Madrid
Bale was substituted at half-time of Thursday's 2-2 draw at Villarreal after suffering an injury when his side were 2-1 up.

Abid Qureshi, an attorney representing a committee of Sears' creditors, said they had not been included in those negotiations and continued to have "significant concerns" about ESL's bid. Lampert loaned out his own money and put together deals to keep the company going, turning whatever profit he could for his hedge fund.

Lampert's offer did not include putting up cash to back the credit bid.

Troubled US retail giant Sears is considering a revised takeover bid from its chairman's hedge fund after being left on the brink of liquidation.

In general, bankruptcy courts would rather not liquidate a company if there's a chance to keep it alive and its workers employed, said David Stowell, professor of finance at Northwestern University's Kellogg School of Management.

Stowell, speaking shortly before the Tuesday hearing, said he wouldn't be surprised to see Lampert sweeten his offer before the bankruptcy auction.

But the fact that Sears has an offer that seeks to rescue it doesn't guarantee it will escape liquidation.

Related:

  • Sketch, surveillance video released in search for Jazmine Barnes' killer

    Sketch, surveillance video released in search for Jazmine Barnes' killer

    Washington said she made a U-turn and hopped back on the Sam Houston Tollway, speeding, heading for the hospital. Gonzalez said his office is revisiting the 2017 case as part of the investigation into Jazmine's death.
    4 things to know about the Chargers-Ravens wild card matchup

    4 things to know about the Chargers-Ravens wild card matchup

    Both teams either through benching and new coaching philosophies have found themselves playing in the AFC Wild Card Playoff game. March Madness is fun, but of the 64 teams in the tournament, only about eight of them end up mattering to the big picture.
    Not anxious  about Apple stock; company should build in U.S.

    Not anxious about Apple stock; company should build in U.S.

    In a letter to investors , Apple CEO Tim Cook said the company had not anticipated the magnitude of the slowdown in the region. China is also one of Apple's most important markets, once referred to as a "hypermarket" by Cook.
  • US Troops Deployed to Central Africa Over Concerns of Violence in Congo

    US Troops Deployed to Central Africa Over Concerns of Violence in Congo

    It not yet clear when the results would be ready, he said, adding: "It will not be possible to announce the results tomorrow". More will deploy as needed to Gabon, Congo or neighboring Republic of Congo, he wrote.
    Gas leak likely cause of 'Escape Room' fire in Poland

    Gas leak likely cause of 'Escape Room' fire in Poland

    National fire commander Leszek Suski said that more than 100 were found to be unsafe and 13 facilities were immediately shut down. Local police press officer Monika Kosiec told reporters that the injured man was thought to be 25 years old.
    People Are So Not Here for Ellen's Defense of Kevin Hart

    People Are So Not Here for Ellen's Defense of Kevin Hart

    I think we love to make big deals out of things that aren't necessarily big deals because we can. I think they were secretly hoping that you'd come back.
  • Government shutdown could mean delayed tax returns

    Government shutdown could mean delayed tax returns

    Customers are asking how and when they should file their taxes, as the partial government shutdown continues. But if you're due a refund, well, you may have to wait a long time to get it.
    United States  envoys due in Beijing for trade talks, China says

    United States envoys due in Beijing for trade talks, China says

    Chinese economic growth fell to a post-global crisis of 6.5 percent in the quarter ending in September. Yet those very pressures, analysts say, give the two countries a stronger incentive to make peace.
    Microsoft Releases Windows 10 19H1 Preview Build 18309

    Microsoft Releases Windows 10 19H1 Preview Build 18309

    Build 18309 took a bow overnight for fast ring testers and we can confirm that the Windows Sandbox is up and running once again. Besides supporting password-less logins on Windows 10, it brings improvements to the Narrator app, security, and accessibility.
  • #SurvivingRKelly: Facebook Shuts Down Page ‘Exposing’ The Singer’s Accusers

    #SurvivingRKelly: Facebook Shuts Down Page ‘Exposing’ The Singer’s Accusers

    It also goes on to list McGee's previous arrests and claims that she is conspiring with Joycelyn Savage's father to extort R. Kelly docuseries, the R&B legend is picking off his accusers claims one at a time, sources close to him have revealed.
    Justin Fields Is Moving On

    Justin Fields Is Moving On

    With Fields gone, Fromm is Georgia's only scholarship quarterback on the roster at the moment, but reinforcements are coming. He is expecting to be eligible right away after submitting a waiver request to the one-year transfer ineligibility rule.
    Five stats to know from James Harden's MVP worthy stretch

    Five stats to know from James Harden's MVP worthy stretch

    That final three to win the game in overtime was wild because he was well-defended by two players and still made it. Kobe Bryant is the only other player in the last 30 years that's scored at least 40 points in five straight games.

Comments

Latest news

Marvel releases new teaser for 'Captain Marvel'
The universe needs saving and it's time for Captain Marvel to enter the fray, which is the MCU's first female-led superhero movie. Lee Pace's baddie is set to make a return, before his days of taking on the heroes in 'Guardians of the Galaxy '.

Eagles’ Jake Elliott speaks on Bears’ Cody Parkey
It was Pederson's final gamble in a bid to mentally shake the Bears' kicker - and it worked. "I thought I hit a good ball". Foles will lead the Eagles into New Orleans on Sunday as the Birds face the Saints in the Divisional Round.

Kim Jong Un, North Korea’s leader, visits China
Going back even further, Kim reportedly travelled with his father, Kim Jong Il, to China in 2010. The last time they saw each other was six years ago in Pyongyang, according to Thae.

Troops pull out from Syria 'not that quick'
The US President said: "We have defeated Isis in Syria, my only reason for being there during the Trump Presidency". Granting that request and withdrawing U.S. forces from Syria will likely depend in part on whether U.S.

Saudi women to start receiving divorce notice by text message
Having said that, there is a long way to go as many of their rights are still restricted to having a male guardianship system. This is supposed to reduce the number of Saudi Men who end marriages with their wives without telling their wives.

Switzerland Wins 2019 Hopman Cup
Federer goes for a record third Hopman Cup title when the Swiss team faces either host Australia or Germany in Saturday's final. Switzerland won the since 1989, held Hopman Cup for the fourth Time - not least thanks to a superior Federer.

Real Madrid signs 19-year-old Brahim Diaz
The first, to play for Real Madrid , the second, to play for Real Madrid and the third, to play for Real Madrid . I will give everything from the first day'.

Ocasio-Cortez says ‘no question’ Trump is a racist
She also supports universal health care, tuition-free public college and massive government investment to combat climate change. Alexandria Ocasio-Cortez: It's going to require a lot of rapid change that we don't even conceive as possible right now.

The Juventus Player Arsenal Want In Return For Aaron Ramsey
According to SportMediaset , Ramsey has already signed a pre-contract the Bianconeri and will link up with the club next season. Former Juventus midfielder Pirlo has urged the Serie A champions to seize the chance to sign the versatile Arsenal midfielder.

Trump to travel to Southern border Thursday, Sarah Sanders says
These workers typically receive back pay after a shutdown ends, but it is not guaranteed. Adam Smith, D-Wash., chairman of the House Armed Services Committee, told ABC .

The most memorable moments from the Golden Globes
Many viewers have named her speech as as one of the most touching and memorable moments of the night. To you, Brian May , to you, Roger Taylor , for ensuring that authenticity remains in the world.

Faf suspended for final Test against Pakistan
I don't know what was going on; they were just better than us, but it was very disappointing; as a team we did not play well. Steyn drew level with Richard Hadlee of New Zealand in tenth place on 431 wickets on the all-time Test wicket-takers list.

Trump says government workers hurt by shutdown can "make adjustments"
Neither Barack Obama nor Jimmy Carter have ever endorsed the idea of a border wall . "It isn't cost effective", Pelosi added. But he also repeated an earlier threat to declare a national emergency "depending on what happens in the next few days".

Ole Gunnar Solskjaer's Manchester United keep rolling on
It wasn't United's best performance under Solskjaer but it's another win and the wins keep coming. "Hopefully, he'll be okay for next weekend", Solskjaer said.

New Horizons Reveals Ultima Thule
Two black-and-white pictures were released, with a resolution as fine as 140 meters (460 feet) per pixel. Though Ultima Thule formed a long time ago, it remains pristine, seemingly unmarked by craters.

Other news