RadioShack sets procedures for proposed sale of real property assets

By Kali Hays

New York, May 5 – RadioShack Corp. is seeking approval of bid procedures related to an additional asset sale consisting of real property assets, according to a Tuesday motion filed with the U.S. Bankruptcy Court for the District of Delaware.

The sale is supported by the company’s official committee of unsecured creditors and its secured lender parties.

DJM Realty Services, LLC and A&G Realty Partners will serve as real estate brokers.

A baseline bid for the assets has not been set, and assets will be sold individually or in groups as guided by bidding, according to the Motion

RadioShack said it will file any stalking horse agreements for court approval by May 8.

The deadline for any other qualified bid for the assets will be due by 5 p.m. ET on June 8. If necessary, an auction for the assets will be held no later than June 11 with a sale hearing to follow on June 15.

Any qualified bid must be accompanied by a cash deposit equal to 10% of the purchase price.

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

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