RadioShack gets $11.4 million stalking horse bid for Maryland property

By Kali Hays

New York, May 20 – RadioShack Corp. is seeking approval of a stalking horse agreement with SK Realty Management LLP for an $11.4 million property sale, according to a notice filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

The property is located in Hagerstown, Md., but SK Realty’s bid is subject to higher and better offers.

If SK Realty is not the ultimate purchaser of the property, it will be entitled to a break-up fee totaling 1% of the purchase price.

If escrow on the sale fails to close by June 19, the stalking horse agreement will be terminated, according to the notice.

RadioShack also entered a separate stalking horse agreement for the sale of several properties located in Texas and California, but all of the details, including bidder information and the purchase amount, is being kept confidential until the agreement is executed in full.

Under proposed bid procedures for the company’s real property assets, the deadline for qualified bids is 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.

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

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