TO justthefactsmam:
I have used up my 15 post for today.
Do you think the Credit Bid of $1.3 B for the following
ESL Debt is the same as the portion of the 3,000
Series B Preferred Units that are to be issued
to Senior Second Term Obligations?
From PG 7 of 315 of Docket # 1730:
“ . Subject to Bankruptcy Court approval, a credit bid
pursuant to Section 363(k) of the Bankruptcy Code of:
iv. obligations held by Buyer and its Affiliates as of the
Closing Date in an aggregate amount equal to
$433,450,000 under (x) the Second Lien Term
Loan; (y) the Second Lien Line of Credit Facility;
and (z) the Second Lien PIK Notes. “
Correction: A Preferred Security does have an
Ownership Interest in its Company.
Since the $ 300,000 value of the Series B
Preferred Units will only reflect a fraction of
1 % of the value of the 425 Sears Stores, I think that
ESL will end up 99 % owner of
Tranform Holdco/NEWCO once its $ 1.3 B Credit
Bid is exchanged for new Holdco/NEWCO Equity.
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