Ultimate Electronics seeks court OK of bidding procedures for $14 million headquarters sale

By Caroline Salls

Pittsburgh, Nov. 2 - Ultimate Electronics, Inc. requested approval of the proposed $14 million sale of its Thornton, Colo., headquarters, offices and warehouses to stalking horse bidder Alliance Commercial Partners, LLC, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

If necessary, an auction for the property will be held Nov. 17, with a sale hearing scheduled for Nov. 21.

If Alliance is not the high bidder or the sale is not consummated, Ultimate will pay it a $142,857 termination fee.

All bidders will be required to submit a $500,000 deposit.

Bids other than Alliance's must be for at least $300,000 more than the stalking horse bid and must include the termination fee and a $150,000 initial overbid.

Each successive bid must be for at least $150,000 more than the previous bid.

Store-closing sales and a sale of the company's assets were already completed earlier in the year.

Ultimate Electronics, a consumer electronics retailer, filed for bankruptcy on Jan. 11, 2005. Its Chapter 11 case number is 05-10104.

© 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.