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Lampert revises Sears bid to exceed $5B

January 10, 2019 / Corinne Ruff
SHARESHARESHARE

An affiliate company of ESL Investments, the hedge fund belonging to Sears Holdings Chairman Eddie Lampert, on Wednesday submitted a revised bid of roughly $5 billion for the company. That comes on the heels of a Tuesday court hearing, during which Sears said it would consider a new bid from ESL at a bankruptcy auction next week. ESL also made a $120 million deposit, $17.9 million of which is non-refundable. The revised proposal includes up to $663 million in additional liabilities, including: $166 million to pay vendors for goods ordered prior to the transaction's closing, $139 million for administrative priority claims, $43 million in additional severance costs, $180 million for costs related to contracts the buyer would assume and up to $135 million for property taxes. The revisions also contain measures to take on additional assets, including 57 more real estate properties and additional inventory, among other things. The proposal will terminate at 5 p.m. ET on Sunday if Sears does not confirm that it will consider the bid at an auction on Monday.