Ultimate Electronics parent's bankruptcy case converted to Chapter 7

By Caroline Salls

Pittsburgh, May 3 - Ultimate Electronics parent Ultimate Acquisition Partners, LP's Chapter 11 bankruptcy case was converted to Chapter 7 on May 3 by the U.S. Bankruptcy Court for the District of Delaware.

According to the motion, most of the company's going-out-of-business sales were completed earlier in April, and the last one was expected to be completed no later than April 30.

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

As a result, the company said it could not 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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