RadioShack bid procedures for intellectual property asset sale OK’d

By Kali Hays

New York, April 28 – RadioShack Corp. received approval of auction and bid procedures related to a proposed asset sale including its remaining intellectual property and customer data under a Tuesday order from the U.S. Bankruptcy court for the District of Delaware.

As previously reported, the company’s intellectual property includes its global sourcing group, its U.S. trademarks and 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.

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 8.

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 14 at 11 a.m. ET with a sale hearing to follow on May 27.

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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