RadioShack sets bid procedures for asset sale including customer data

By Kali Hays

New York, April 13 – RadioShack Corp. asked for approval of auction and bid procedures related to the proposed asset sale including its remaining intellectual property and customer data, according to an April 10 motion with the U.S. Bankruptcy court for the District of Delaware.

The company’s intellectual property includes its global sourcing group, its United States trademarks along with its franchise and dealer network and infrastructure.

RadioShack asked that the sale process be conducted on a 45-day timeline and said that the motion has the full support of its official committee of unsecured creditors and debtor-in-possession lenders.

Under the proposed bidding procedures, there is no established baseline bid and an interested party may bid on any or all of the assets with a bid submitted by 4 p.m. ET on May 6.

Any qualified bid must include a commitment to close the sale by May 31.

If the company receives two or more offers for the assets, an auction will take place on May 11 at 10 a.m. ET with a sale hearing to follow on May 15.

A hearing to approve the proposed procedures is scheduled for April 28.

RadioShack is a Fort Worth technology retailer that filed for bankruptcy on Feb. 5. Its Chapter 11 case number is 15-10197.

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