Sears Holdings Chairman Eddie Lampert has bought yet more time to revise his $4.4 billion bid to keep the 126-year-old retailer running.
During a bankruptcy hearing on Tuesday, members of Sears Holdings' special committee on the issue said that after several days of "round-the-clock negotiations" they will allow Lampert's hedge fund, ESL Investments, to revise its bid ahead of the Jan. 14 bankruptcy auction. Another court hearing to confirm the results of that auction is scheduled for Jan. 31.
ESL is expected to formally submit that bid, along with a $120 million deposit, by 4 p.m. Wednesday. That money, of which $17.9 million is non-refundable, is the cash burn the company expects to lose ahead of the auction. . . . more