The agreement, reached in the wee hours of Wednesday, caps two days of discussions behind closed doors in New York to determine whether Sears would be worth more dead or alive. Sticking points during the talks had included whether Sears Chairman Lampert should be insulated from lawsuits over his previous turnaround deals for the company, Bloomberg previously reported. The final agreement doesn’t include such a release for Lampert, the source said.
Representatives for Sears Holdings and at ESL Investments, the hedge fund run by Lampert that made the offer, didn’t immediately respond to a request for comment outside business hours. The agreement still needs to be approved by the U.S. judge overseeing the bankruptcy.