Dover, Del. — Nexus Capital Management, the stalking horse bidder for the assets of Top 100 retailer Big Lots, has obtained $765 million in committed financing to support its proposed acquisition.
First reported by Bloomberg, Judge J. Kate Stickles said she would approve the deal in the U.S. Bankruptcy Court for the District of Delaware on Oct. 25, and it would stand to be the winning bid if no better offers came through before noon ET on Oct. 28.
Bloomberg reported if the Columbus, Ohio-based discounter received more than one offer, an auction would be held on Oct. 30.
On Sept. 9, Big Lots filed for Chapter 11 protection, citing estimated assets of $1,000,000,001 to $10 billion against estimated liabilities of $1,000,000,001 to $10 billion to an estimated 5,001 to 10,000 creditors.
That same day, it announced a sales agreement with affiliates of Nexus Capital Management, subject to higher and better bids, as part of a court-supervised auction process. Nexus, designated as the stalking horse bidder for the auction, agreed to acquire the company’s assets and ongoing business operations. The agreed-to purchase price consists of $2.5 million in cash plus the debt payoff amount and the assumption of certain liabilities.