U.S. officials, including Secretary of State Mike Pompeo, have accused Iran of orchestrating devastating strikes on Saudi oil installations over the weekend.Politicsread more
"The president is right to make this the center point of the rising and sustained trade conflict," says Sen. Chris Coons.Politicsread more
"We're gonna take this meeting by meeting. We're not on a preset course," Clarida told CNBC's Sara Eisen during an interview Friday on "Squawk on the Street."The Fedread more
More than 400 Chinese products will be temporarily exempted from tariffs that President Donald Trump's administration imposed last year.China Economyread more
Netflix CEO Reed Hastings admitted that it's a "whole new world starting in November," with the launch of Apple TV+, Disney+ and other new streaming services.Technologyread more
President Donald Trump sarcastically tweeted that New York City "is devastated" by Mayor Bill de Blasio's exit from the 2020 presidential race. Two other Democratic mayors,...2020 Electionsread more
The United Auto Workers union and General Motors are making progress on their labor contract talks, however there remain "many" outstanding issues, according to a union leader...Autosread more
Democratic presidential candidate Elizabeth Warren has been given more than one opportunity over the past two weeks to clarify her response to a key question about her...Politicsread more
Apple will get a taste of whether upgraded features on the new iPhone 11 are enough to lure shoppers to retail stores around the world as the new smartphones officially hit...Technologyread more
James Bullard said he dissented on this week's Fed decision to lower rates by a quarter percentage point because he didn't think the cut was big enough.The Fedread more
Joshua Harris, Apollo Global Management's co-founder, has a message for private equity's naysayers in Washington.Delivering Alpharead more
Sears Chairman Eddie Lampert is working on a higher bid to keep Sears alive, a person familiar with the situation told CNBC.
The bid, though, is not yet finalized and submitted, the person said. When it is, Lampert will be required to publicly file it with federal regulators.
Bloomberg first reported Wednesday afternoon on Lampert's latest efforts to keep Sears alive.
Sears, which also owns Kmart stores, filed for bankruptcy on Oct. 15. If Lampert is unable to cobble together an offer to buy the company out of bankruptcy, it will be pushed into liquidation.
This latest attempt comes one day after Lampert's initial $4.4 billion bid to save Sears was rejected by the company. It faced a number of challenges, including being short of covering Sears' administrative expenses, making it "administratively insolvent." It also relied on $1.8 billion of debt owed to Lampert's hedge fund, ESL Investments, a move that Sears' unsecured creditors objected to.
On Tuesday, though, a bankruptcy judge gave Lampert more time to improve his offer. The judge said ESL would be required to pay a $120 million deposit by 4 p.m. Wednesday. Sears will then hold an auction on Jan. 14, when it will compare Lampert's offer against others by liquidators. Once a bid is accepted, it would still need to be approved by the bankruptcy court.
The structure and size of Lampert's new bid could not be immediately determined. It also wasn't known whether it addressed the original offer's shortcomings. The person speaking to CNBC requested anonymity because the talks were confidential.
A spokesperson for ESL referred CNBC to a statement made Tuesday about Lampert's efforts to keep Sears alive.
"ESL appreciates the encouragement from the court and the constructive engagement of the debtors as we work to formalize our going concern proposal so that it can be evaluated at the upcoming auction. As we have said before, our proposal provides substantially more value to stakeholders than would be the case in liquidation and is the only option to save an iconic American retailer and up to 50,000 jobs. We believe in Sears and will continue to do everything we can to ensure that it has a profitable future," it read.
Sears declined to comment.
— CNBC's Lauren Thomas contributed to this reporting.