Great American Capital Partners said is led a $25 million term loan to General Wireless Operations dba RadioShack. The term loan is part of a $75 million package that includes a $50 million ABL revolver led by RBC Capital Markets.
RadioShack reportedly filed a bankruptcy liquidation plan explaining how the remaining assets of the retailer will be distributed.
A U.S. bankruptcy judge reportedly cleared the way for RadioShack to sell its brand name and customer data to a Standard General affiliate, rejecting a competing bidder’s claim that the auction process was unfair.
The dismantling of RadioShack reportedly grew closer to completion with the auctioning of the electronics retailer’s name to hedge fund Standard General for $26.2 million.
The JV group of Hilco Merchant Resources, Gordon Brothers Group and Tiger Capital Group is managing a final wave of store closing sales as a Delaware judge approves a plan to save the remaining 1,740 company owned locations and thousands of retail jobs.
The Street reported that RadioShack filed notice identifying General Wireless, a newly formed unit of Standard General, as the winner of an auction with a final offer of about $140 million.
RadioShack reportedly said an offer from Standard General to save much of the iconic chain is the best to emerge from an auction, beating out rival offers that would see the retailer shut down.
RadioShack’s fate reportedly is in limbo until its bankruptcy auction kicks off, pitting companies that want to liquidate the company’s remaining assets against a hedge fund pledging to keep about half the chain’s stores open.
Harbinger Group’s specialty lending arm has reportedly gone on the offensive against other lenders in RadioShack’s bankruptcy case, with a lawsuit that seeks to put a lid on credit bidding at a coming bankruptcy auction.
DJM Real Estate, a division of Gordon Brothers Group, was retained by RadioShack to exclusively manage the disposition of seven owned industrial properties.