RadioShack negotiates $1.8 million settlement payment with Nikon

By Kali Hays

New York, July 27 – RadioShack Corp. is set to receive a $1.8 million payment from Nikon Inc. under a settlement agreement proposed Friday with the U.S. Bankruptcy Court for the District of Delaware.

Since May 2008, the company sold Nikon products under a retail dealer sales agreement, and RadioShack claims that about $1.94 million in paid and unpaid obligations are avoidable under Bankruptcy Code.

Nikon has denied any liability for the payments, but both parties wish to avoid “the costs and risks inherent in litigation” and negotiated a settlement.

Under the proposed settlement, Nikon has agreed to pay RadioShack $1.8 million, and both parties will release any and all claims against one another.

A hearing to consider the settlement will take place on Aug. 17.

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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