Lampert, Sears’ biggest lender and shareholder before it filed for bankruptcy, is giving Sears another chance to revive by providing a $5 billion offer, prevailed after a long negotiation that was held at the Manhattan offices of Weil, Gotshal & Manges LLP.
Lampert is adding to the bid more cash saving by that up to 45,000 jobs and keep 425 stores open across the United States.
According to Reuters, ” There remains a chance the deal could fall apart, as it still must be documented and approved by a U.S. bankruptcy judge. A hearing is expected to be scheduled for later this week.” There is a group of creditors is objecting to the deal.
Lampert merged the department store with discount chain Kmart in 2005 in an $11 billion deal.