Listen: Sears, Lampard And Kmart discussed on First Light
"And KMart stores across the US that were losing money today. Sears has to decide whether the one and only bid for the company is viable or if they should start selling the company's assets off to liquidators and shut down a business that revolutionized retail in America. Sears chairman Eddie Lampert made a four point four billion dollar bid through his hedge fund but much of it involves Lampard forgiving a tremendous amount of Sears debt that his fund holds as well. As one point three billion dollars in new loans from three major banks many of Sears creditors. Want a panel of advisors to the company to reject the bid because they think outstanding bills would go unpaid critics say that Lampard extended those loans to see. When he was CEO at terms that benefited his hedge fund rather than Sears. A hearing scheduled in bankruptcy court today to go over this last ditch effort to save Sears. If the bid is successful, it could save four hundred and twenty-five stores, and as many as fifty thousand jobs, Michael all right, Steve correspondent Steve Kastenbaum in New York for I like, ten minutes after the hour. We're just getting warmed up now. So coming up, we'll say happy birthday to the."