Lampert’s ESL Submits $4.6 Billion Bid for Sears Holdings

(Bloomberg) -- ESL Partners and certain other Sears Holdings shareholders submitted an indicative bid for the acquistion, via a newly-formed Newco, of substantially all of the go-forward retail footprint and other assets and component businesses of Sears.

  • Bid contemplates a total purchase price of about $4.6 billion, comprised of up to $950 million in cash, a credit bid of about $1.8 billion, $500 million in a combination of cash, notes to be issued by Newco, Newco equity and/or waiver assignment of deficiency claims with respect to secured debt, the roll-over of about $271 million in cash collateral currently supporting LC facility and about $1.1 billion of assumed liabilities
  • Indicative bid is to acquire all of the assets of the debtors in the Chapter 11 cases as well as all of the assets of non-debtors KCD IP, LLC, SRC O.P., LLC, SRC Facilities LLC and SRC Real Estate (TX), LLC

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