Retail / Bankruptcy / Retail Markets / Sears

ESL to Credit Bid for Sears; Likely Becomes Stalking-Horse Bidder

Posted On: Nov 16, 2018   |   Posted By: WWD

Even though ESL Investments will likely become the stalking-horse bidder on the sale of Sears Holdings Corp., there's no guarantee that Sears Holdings Corp. ultimately still won't be liquidated.
ESL Investments has said it plans to credit bid for the assets. The hedge fund is controlled by Edward S. Lampert, who is also chairman of Sears. ESL holds $2.6 billion in secured debt owed to it by Sears, and a credit bid would allow the hedge fund to use the dollar value of its credit claims as part of the bid for the retailer. That benefits ESL because it means it will need to bring less financing to the table.
ESL said in a court document filed earlier this week that it is “working around the clock with potential lenders seeking to finance a bid, with potential partners to structure a bid, conducting necessary diligence and building the business plan that will support a going concern bid.”
Credit bidding is allowed under the U.S. bankruptcy code. Creditors often try to block it because they want as much cash...

Continue reading ...

 








Sofia Richie Shares a Rain-Soaked Selfie on Instagram and Still Looks Like a...

Sofia Richie Shares a Rain-Soaked Selfie on Instagram and Still Looks Like a Total Babe

Turns out, Sofia Richie is incapable of taking a bad a picture. Case in point: Shortly after Scott Disick's ladylove got caught in the rain on Wednesday, May 23, she decided to... Read more ...

It's Over! Kendall Jenner and Ben Simmons Split: ‘It Wasn't Working Out'

It's Over! Kendall Jenner and Ben Simmons Split: ‘It Wasn't Working Out'

Dunzo! Kendall Jenner and Ben Simmons have split up, a source exclusively confirmed to Life & Style. Even though the former flames were super private, it seems like the... Read more ...

Tour the gorgeous home of jewelry designer to the stars Tara Maria Famiglietti

Tour the gorgeous home of jewelry designer to the stars Tara Maria Famiglietti

Illustrious jewelry designer Tara Maria Famiglietti (whose A-list clients include Angelina Jolie, Madonna, Gisele Bündchen, Jessica Alba and Ali MacGraw, to name a few) and her... Read more ...

How an NFC chip connects brand, product, retail and consumer

How an NFC chip connects brand, product, retail and consumer

Swiss mountaineering specialist Mammut is the industry's first to offer companies products with NFC technology, which promise consumers new services via an app. Mammut Connect... Read more ...

Arcadia CVA plans under fire from Pensions Regulator

Arcadia CVA plans under fire from Pensions Regulator

Arcadia's proposals to close stores and slash rent bills as part of a “comprehensive” turnaround plan have been met with criticism from the Pensions Regulator. Read more ...

Luka Sabbat Travels to Tokyo for PacSun Denim Campaign

Luka Sabbat Travels to Tokyo for PacSun Denim Campaign

The world is a fashionable playground as Luka Sabbat reunites with PacSun for the brand's fall-winter 2019 denim campaign. The model turned actor appears in PacSun's new ad... Read more ...

HBO May Lose a Sizeable Number of Subscribers Now That 'Game of Thrones' Has...

HBO May Lose a Sizeable Number of Subscribers Now That 'Game of Thrones' Has Ended

With the passing of Game of Thrones last week, it now seems that fans aren't the only people left devastated: HBO could lose a sizeable number of its subscribers too. The... Read more ...

Ashley Graham And Her Sister Flaunt Their Curves In New Swimsuits For All...

Ashley Graham And Her Sister Flaunt Their Curves In New Swimsuits For All Campaign

Ashley Graham's latest swim campaign is giving us all kinds of family vacation nostalgia. The 30-year-old supermodel and body positive activist switched things up for the... Read more ...

Bro's in Tow! Brandon Jenner Hangs Out With Kim Kardashian at Kylie's...

Bro's in Tow! Brandon Jenner Hangs Out With Kim Kardashian at Kylie's Skincare Launch

Bro's a pro - at showing up for his sisters! Brandon Jenner was totally in attendance at his little sister Kylie Jenner‘s big skincare launch party on May 21 and we seriously... Read more ...

‘Jeopardy!' champ Holzhauer tries to school Alex Trebek on gambling

‘Jeopardy!' champ Holzhauer tries to school Alex Trebek on gambling

“Jeopardy!” champ James Holzhauer tried to educate Alex Trebek on some gambling lingo during his 25th straight win on Wednesday night - but the longtime game show host didn't... Read more ...