Reuters reported that Lampert's ESL Partners LP and Fairholme Capital Management LLC, which together own about two-thirds of Sears Canada, have engaged a legal adviser and are "evaluating, discussing and considering a potential negotiated transaction" with the retailer. Sears Canada filed for protection from its creditors under Canada's Companies' Creditors Arrangement Act, the equivalent of Chapter 11 bankruptcy, in late June.
The firms did not provide any details on the kind of transaction they were looking at, according to the report, which also noted the discussions could include financing, purchase and sale, or restructuring transactions.. . . more