Judge gives Eddie Lampert the greenlight as Sears get a second shot at life

Fox Business | 2/7/2019 | Jade Scipioni
Matty123 (Posted by) Level 3
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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.

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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.

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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...
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