digibyte - another 11th hour reprieve for Sears

Stuart Lauchlan Profile picture for user slauchlan January 8, 2019
Another day, another delay in deciding the fate of Sears.

US retail institution Sears limps on after a US judge rejected calls to let the ailing firm begin liquidation proceedings after turning down Chairman Eddie Lampert’s $4.4 billion, 11th hour rescue bid.

While Lampert’s bid via his hedge fund ESL Investments was not deemed appropriate, the business man has been granted more time to try to work out a deal that is acceptable, on condition that ESL puts down a $120 million deposit by later today.

Making his ruling, Judge Robert Drain noted that the collapse of Sears would impact a lot of people and suggested that ESL might yet come up with a plan to allow the firm to survive as some form of a going concern.

In addition, Lampert will be allowed to participate in a 14 January auction with other potential liquidators.

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