Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
NEW YORK (AP) — RadioShack creditor Salus says it won't improve its bid as it fights with another buyer for the electronics chain, hedge fund Standard General.
Salus had failed to win an auction for the assets of the Fort Worth, Texas-based electronics retailer, which filed for bankruptcy in February. RadioShack instead chose a $160 million bid from hedge fund Standard General that consists mostly of credit on debt it is owed.
That proposal would keep 1,743 stores open and preserve about 7,500 jobs.
In a letter filed with the bankruptcy court in Delaware, Salus says it changed its mind on improving its offer after learning of unspecified new developments.
Salus plans to argue in court Monday why its offer, which included a $271 million cash payment, is better than Standard General's bid.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.