Ultimate Electronics parent gets GECC cash for liquidation, payroll

By Lisa Kerner

Charlotte, N.C., June 16 - Ultimate Electronics parent Ultimate Acquisition Partners, LP's Chapter 7 trustee was granted requested court approval to use the cash collateral of General Electric Capital Corp. to continue liquidation activities, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, trustee Alfred T. Giuliano requested the use of cash collateral to fund his liquidation efforts because GECC has a security interest in all of the company's assets and inventory, leaving Ultimate Acquisition's estates with no free cash.

GECC has agreed to the use $98,000 of the cash collateral to fund the liquidation of specified assets.

Giuliano was also granted permission to use $46,000 to fund returned/uncashed payroll checks from the two pay periods before the case was converted.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.