Click For Photo: https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2018/09/0/0/Edward-Lampert-AP.jpg?ve=1&tl=1
FBN’s Gerri Willis discusses how a U.S. bankruptcy judge approved Eddie Lampert’s $5.2 billion takeover of Sears.
Billionaire hedge fund investor Eddie Lampert got his wish and Sears Opens a New Window. is getting a second shot a life.
Thursday - US - Bankruptcy - Judge - Robert
On Thursday, U.S. Bankruptcy Judge Robert Drain approved a $5.2 billion bid by Lampert's hedge fund, ESL Investment, to acquire the bankrupt retailer Opens a New Window. after four days of testimony.
MORE FROM FOX BUSINESS ...
SEARS - BACK - IN - COURT - EMPLOYEES
SEARS BACK IN COURT AS EMPLOYEES TELL THE JUDGE NOT TO 'BE A PAWN IN LAMPERT'S GAME' Opens a New Window.
THE FULL LETTER SEARS, KMART EMPLOYEES SENT TO THE JUDGE ABOUT LAMPERT'S BID Opens a New Window.
Decision - Drain - Arguments - Committee - Creditors
In reading his decision, Drain rejected arguments from a committee of creditors, who were urging the court to liquidate the assets as it was the best way to return the more than $3 billion owed to them. The creditors also argued the sale process was unfair.
However, hours earlier Lampert's team cleared a major hurdle Opens a New Window. in their bid by winning the support of the country's federal pension insurer.
Drain - Order - Friday - Morning - Deal
Drain added that he expects to enter the order on Friday morning to make the deal official.
CLICK HERE TO GET THE FOX BUSINESS APP Opens a New Window.
Terms - Deal - ESL - Stores - Jobs
Under the terms of the deal, ESL has promised to save 425 stores and roughly 45,000 jobs. Sears' bankruptcy estate has also promised to hand over $800 million to PBGC for its pensions.
However, some current and former employees of the embattled retailer are not too happy...
Wake Up To Breaking News!