Lifeline or liquidation? Bankrupt Sears weighs chairman's $5 billion rescue bid. | WHAT REALLY HAPPENED


Lifeline or liquidation? Bankrupt Sears weighs chairman's $5 billion rescue bid.

Sears Chairman Edward Lampert has raised his bid to buy the bankrupt retailer’s assets, submitting a proposal that could top $5 billion.

The new proposal would see Lampert's hedge fund, ESL Investments, take on up to $663 million in additional liabilities in an effort to strengthen its offer before a Monday bankruptcy auction. At stake? Whether the more than 125-year-old retailer, with hundreds of stores and tens of thousands of employees, will land another lifeline from Lampert, its former CEO, or face liquidation.

At a U.S. Bankruptcy Court hearing Tuesday in New York, Hoffman Estates-based Sears Holdings Corp. agreed to consider Lampert’s revised bid to keep the retailer alive alongside other offers for its assets.

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