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Friday, February 26, 2021

RadioShack creditor pushes for Chapter 7 conversion

RadioShack creditor Salus Capital Partners LLC is pushing the Fort Worth-based retailer to convert its Chapter 11 bankruptcy filing to a Chapter 7 filing, according to a report in the Wall Street Journal.

Salus, a hedge-fund that is owned $150 million by RadioShack, argued that the liquidation of the retailer brought in far less than expected and that growing legal fees are harming creditor recovery.

RadioShack’s lawyers argued against the Chapter 7 effort, hoping to exit bankruptcy soon.

It’s not the first roadblock Salus has put up in front of the retailer’s bankruptcy plan. In March, after failing to win an auction for RadioShack’s assets, it submitted a new bid that was rejected.

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