the following from "retail dive". note the comment attributed to the company referencing "other stakeholders". it is my belief if esl's $4.4 bid is accepted, that common shareholders (who are stakeholders) may survive. while the deadline for notifying els if their bid is a qualified bid is 4 p.m., that does not mean the public will be notified at that time.
best bet is we don't find out until after the market closes. the weekend could prove exciting as well as uncomfortable depending on whether or not the notification becomes public.
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Dive Brief:
On the last day to submit bids for Sears, a newly formed affiliate of ESL investments, Transform Holdco, pitched two plans. In documents filed with the Securities and Exchange Commission Wednesday, the company outlined an approximately $4.4 billion plan, backed with $1.3 billion of credit, to keep open 425 stores and continue to employ roughly 50,000 workers.
According to the company the first plan is the "best outcome" for debtors, creditors and other stakeholders. But it also offered up an alternative: In the event the first proposal isn't accepted, Transform Holdco could acquire just 250 stores, certain assets of the Sears Home Services unit, and the data and intellectual property of the Shop Your Way loyalty program, among other things.
