Nexus Capital Management is actively seeking around $750 million in financing to support its bid for Big Lots Inc., which is currently going through bankruptcy proceedings.
During a court hearing in Delaware, Big Lots' attorney, Jonah Peppiatt, expressed optimism about Nexus securing the necessary funds to solidify its offer before the bid deadline on Friday.
Nexus' proposal is considered a stalking horse bid, allowing Big Lots to consider better offers if they arise before the deadline. This strategic move is part of the ongoing efforts to stabilize the discount retailer's financial situation during its restructuring process.