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UPDATE 1-Sears Chairman Lampert submits bid to buy bankrupt retailer


(Adds details on the bid, background)

Dec 6 (Reuters) – Sears Holdings Corp Chairman Eddie Lampert’s ESL Partners LP has submitted a bid valued at $4.6 billion to buy the bankrupt retailer, the hedge fund said on Thursday.

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Reuters had earlier reported that Sears is negotiating with Lampert’s hedge fund on a potential deal to acquire stores and businesses that would aim to keep the 125-year-old retailer operating as a going concern, citing court papers and sources.

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Sears faces a Dec. 15 deadline to find a buyer to keep it in business, according to court papers.

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ESL’s bid to buy all the assets of Sears, includes about $1.1 billion in liabilities from various company services and programs, as well as a $1.8 billion credit bid.

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The bid also includes the roll-over of about $271 million in cash collateral supporting letter of credit facility and $950 million in cash to be funded with the proceeds of new asset-based credit facility to be obtained by the new company.

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ESL said the new company formed through the deal would provide employment to about 50,000 Sears employees.

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Lampert, who stepped down as chief executive officer when Sears filed for bankruptcy protection Oct. 15, is the company’s largest creditor and shareholder. (Reporting by Soundarya J in Bengaluru Editing by Saumyadeb Chakrabarty).Jose Antonio Oliveros Banco Activo