Billionaire investor Howard Marks, the co-chairman of Oaktree Capital, predicts there won't be a recession in the U.S. for another two years.US Economyread more
Network officials also said voters should expect more of a Koch focus on grassroots activism throughout the 2020 election cycle.Politicsread more
Stores are extending hours and cities are spending on light shows as China tries to encourage consumers to spend more money at night.China Economyread more
Stocks in Asia Pacific edged up in Friday afternoon trade as a series of developments overnight on the U.S.-China trade front dampened hopes of a deal being reached between...Asia Marketsread more
GM's usage of temporary workers, potential closure of plants and health care contributions remain major sticking points, according to people familiar with the talks.Autosread more
One person was killed and five others wounded on Thursday in a shooting on the streets of Washington, D.C., not far from the White House, police said.U.S. Newsread more
In a room full of avowed capitalists, policies that sound to some like socialism are bound not to go over well.Delivering Alpharead more
Trump has criticized Facebook numerous times since becoming president, most recently posting on Twitter that the company's proposed digital currency, libra, will "have little...Technologyread more
Republicans and Democrats have long since separated themselves by ideology, leaving each more uniformly conservative or liberal than ever. And now a new data analysis by the...Politicsread more
Asian cities are on the rise and are dominant in the Fintech space.Financeread more
At least in terms of monetary policy, Pence says should be taking after other regions who keep their benchmark interest rates near zero.Delivering Alpharead more
Sears said Thursday that Chairman Eddie Lampert's hedge fund, ESL Investments, is the winning bidder in the company's bankruptcy auction, keeping the company alive.
"We are pleased to have reached a deal that would provide a path for Sears to emerge from the Chapter 11 process," the board's restructuring committee said in a press release.
Subject to court approval, ESL will acquire substantially all of Sears' remaining assets, which includes 425 stores, for about $5.2 billion. Sears' other brands include its Home Services business and Kenmore and DieHard brands.
The largest remaining question pertaining to the deal is Sears' unsecured creditors, which are opposed to the bid, people familiar with situation have said.
ESL and the company's unsecured creditors have struck a deal in which Lampert paid $35 million for the right to help fund his bid by forgiving debt owed to him through a "credit bid," people familiar with the situation tell CNBC. The deal, though, did not address potential litigation the unsecured creditors have threatened they may lodge over deals Lampert did during his tenure as Sears' CEO and largest shareholder.
The unsecured creditors have said there may be claims against Lampert for deals that include Sears' spinoff of Lands' End in 2014 and transactions with Seritage Growth Properties, a real estate investment trust Lampert created through some Sears' properties a year later.
Sears' unsecured creditors have eight days to formally object to ESL's bid. Sears will then have two business days to issue a response.
The bankruptcy judge overseeing the case, Judge Robert Drain, will need to assess the merits of any objections at a hearing set for Feb. 1 at the Southern District of New York Bankruptcy Court in White Plains. Pending Drain's approval, a deal will close on or about Feb. 8.
Drain has so far shown a propensity to keeping Sears alive. After disagreements between Sears and ESL in an auction for the retailer earlier this week left the two in a stalemate, Drain encouraged the parties to resume talks. Ultimately, Sears and ESL were able to come to a resolution in the early hours of Wednesday morning.
ESL's offer has been the only one that would keep Sears alive and preserve thousands of jobs. Its final offer for Sears will preserve 45,000 jobs.
"ESL has been steadfast in its commitment to Sears because we believe that its emergence from Chapter 11 as a going concern is the best path for the company, its associates and the many communities touched by Sears and Kmart stores," a spokesperson for ESL said in a statement Thursday morning.