Ultimate Acquisition eyes case conversion; cash use runs out April 29

By Caroline Salls

Pittsburgh, April 27 - Ultimate Electronics parent Ultimate Acquisition Partners, LP asked the U.S. Bankruptcy Court for the District of Delaware to convert its Chapter 11 bankruptcy case to Chapter 7, according to a Tuesday court filing.

The company said most of its going-out-of-business sales were completed earlier this month, and the last one is expected to be completed no later than April 30.

In addition, Ultimate Acquisition said it will not have access to cash collateral after April 29.

As a result, the company said it cannot continue to incur administrative costs, retain employees, wind down its business operations or prepare a Chapter 11 plan.

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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