The $4.4 billion bid by ESL chairman Eddie Lampert to reorganize was reportedly still unsatisfactory to creditors as the retailer selected Abacus Advisory Group to conduct liquidation of its remaining assets in the event that the bid isn’t accepted by a court hearing scheduled for tomorrow. Lampert’s bid proposes to keep 425 stores open in the reorganization, potentially saving 50,000 jobs. The liquidation would idle 68,000 remaining Sears employees.

Creditors have a number of serious issues with Lampert’s bid, starting with the fact that $1.3 billion of the offer remains a credit bid for forgiving debt that Sears owes ESL. However, ... Log in to view full article.