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09 January 2019, 03:45 | Austin Hogan
If Sears doesn't accept the $4.4 billion bid, Transform Holdco said it also would bid individually on some assets, including real estate, certain intellectual property and the Sears Home Services business.
Liquidation appears to be the fate of Sears and its chairman, Eddie Lampert.
The bid called for keeping 425 stores open and offering jobs to 50,000 of its remaining employees.
Sears on Tuesday had planned to tell the bankruptcy court it had rejected Lampert's $4.4 billion offer to buy the retailer, after it fell short of covering its bankruptcy expenses.
Any deal would require the Bankruptcy Court's approval and a hearing to approve the auction results has been set for January 31. Drain said other parties could submit new or improved bids, and Sears' financial advisers would let them know if they would be considered at the auction.
Lampert's is the only bid created to keep Sears open.
Creditors, though, would prefer that Sears liquidate, as Lampert - the firm's former CEO - made a variety of controversial moves during his tenure as chief executive and they would prefer to cut their losses.
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Under the new terms, Lampert must come up with a $120 million cash payment by Wednesday afternoon, as a down payment.
The revised deal was reached after days of "virtually round-the-clock negotiations", Sears attorney Ray Schrock told the court.
Troubled US retail giant Sears is considering a revised takeover bid from its chairman's hedge fund after being left on the brink of liquidation.
Lawyers for Lampert and his hedge fund, ESL Investments, were pressing for more time to sweeten his offer.
"We would rather look for easier things to do", he said. Without an agreement, Sears faced the possibility of liquidation.
Tuesday's court hearing in the Southern District of NY comes a day after the retailer took to social media to dispel the notion it was not longer in the running, saying in a tweet: "We may be slowing down, but we are not out of the race just yet".
The creditors have argued that forgiveness of his debt should not be accepted as part of the bid, because Lampert loaned Sears the money when he was CEO.
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