Deals
Eddie Lampert Makes $4.6 Billion Bid to Keep Sears Alive
- Chairman cobbles together mix of cash, debt swap, new loans
- Offer also includes honoring consumer contracts and points
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Eddie Lampert offered to buy Sears Holdings Corp. out of bankruptcy in a bid to salvage the failing retail empire he has controlled for more than a decade.
The chairman of Sears, whose ESL Investments ranks as the biggest shareholder and creditor, outlined a $4.6 billion preliminary bid in documents released Thursday that could include a mix of cash, equity new loans and debt swaps. Lampert would take over the whole company, rather than just buying selected stores as originally planned, and preserve about 50,000 jobs, according to the documents.