Ultimate Electronics parent gets court's OK to use cash collateral

By Lisa Kerner

Charlotte, N.C., March 17 - Ultimate Electronics parent Ultimate Acquisition Partners, LP was granted approval to use the cash collateral of its pre-bankruptcy lenders to fund its operations while in bankruptcy through April 29, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, in February the company asked the court to approve its plan to retain Gordon Brothers Retail Partners, LLC and Hilco Merchant Resources, LLC as liquidating consultants to close the debtors' retail stores.

The official committee of unsecured creditors filed a motion asking the court to deny the request and pushed for the solicitation of higher bids.

Ultimate Electronics, a Thornton, Colo.-based consumer electronics retailer, filed for bankruptcy on Jan. 26. The Chapter 11 case number is 11-10245.

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