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Sears Canada and shareholders ESL, Fairholme to discuss transactions
By Caroline Salls
Pittsburgh, July 10 – ESL Partners, LP and Fairholme Capital Management, LLC hired Canadian legal counsel to represent them in Sears Canada Inc.’s Companies’ Creditors Arrangement Act proceedings, according to an ESL news release.
In connection with the hiring of counsel, ESL and Fairholme are evaluating, discussing and considering a potential negotiated transaction with Sears Canada and its subsidiaries.
Specifically, ESL said it and Fairholme may participate in discussions with Sears Canada, the monitor in the CCAA proceedings and/or other parties regarding the company and its business, affairs, operations, results of operations, contracts, liabilities, properties and prospects, including discussions regarding potential financing transactions, purchase and sale transactions or restructuring transactions.
ESL beneficially owns 46.16 million common shares of Sears Canada, representing 45.3% of the outstanding common shares.
Sears Canada is a multi-channel retailer based in Toronto.
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