czwartek, 26 marca 2015

RadioShack rescue deal dogged by fights, demands for new auction

The exterior of a RadioShack store is seen in New York By Tom Hals WILMINGTON, Del. (Reuters) - RadioShack Corp's rescue deal to keep 1,740 stores open was attacked on Thursday by the bankrupt retailer's top creditor, a failed bidder who called the auction a sham and sought a new sale. RadioShack, which filed for bankruptcy last month, told a U.S. Bankruptcy judge it had selected the Standard General hedge fund as the winning bidder in the private four-day auction, which ended just before Thursday's hearing. The hedge fund plans to operate the stores in conjunction with wireless phone company Sprint Corp. While RadioShack's attorney told the court the deal saved 7,500 jobs and was $23 million more than a bid by liquidators, the deal provided little cash. An attorney for Salus Capital Partners, which is owed $150 million and is RadioShack's largest creditor, blasted the auction process and called for the auction to be reopened.








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