digibyte - another 11th hour reprieve for 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.