Dover, Delaware — In order to fund its proposed acquisition of the assets of Big Lots, a retailer ranked in the Top 100, Nexus Capital Management has secured $765 million in committed financing.
In the U.S. Bankruptcy Court for the District of Delaware, Judge J. Kate Stickles stated that she would approve the agreement on October 25 and that it would be the winning bid if no better proposals were received by noon ET on October 28. This was first reported by Bloomberg.
According to Bloomberg, an auction would take place on October 30 if the discount store located in Columbus, Ohio, received multiple offers.
With an estimated $1,000,000,001 to $10 billion in assets and $1,000,000,001 to $10 billion in liabilities to an estimated 5,001 to 10,000 creditors, Big Lots filed for Chapter 11 protection on September 9.
On the same day, it announced a sales deal with Nexus Capital Management affiliates, contingent on stronger and higher bids in an auction procedure overseen by the court. As the auction’s stalking horse bidder, Nexus consented to buy the company’s assets and continuing operations. $2.5 million in cash, the debt repayment amount, and the assumption of other liabilities make up the agreed-upon acquisition price.
