Ultimate Electronics requests approval of $900,000 Colorado property sale

By Caroline Salls

Pittsburgh, Nov. 21 - Ultimate Electronics, Inc. requested approval of its proposed $900,000 sale of its Adams County, Colo., property to Jerry C. Nolan, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The property comprises 11.63 acres.

According to the motion, the company said it believes that the sale will provide an influx of cash that will facilitate confirmation and implementation of its plan of liquidation as quickly as possible.

A hearing is scheduled for Dec. 9.

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

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