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...

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