The revised bid from Lampert and ESL, which comes under a newly named organization Transform Holdco, includes taking responsibility for hundreds of millions of dollars in liabilities that were not included in the earlier $4.4 billion proposal, which was deemed insufficient by the retailer's debtors, including landlords and bondholders. The new proposal would have Transform Holdco assume more than $600 million in additional liabilities, including expenses related to property taxes, inventory, and severance.
Debtors have until Sunday, Jan. 13 to decide whether to allow an auction on Jan. 14 for Sears' assets, in which Transform Holdco would participate. They have until Jan. 16 to declare Transform Holdco's bid as the winning bid, or it will be withdrawn.