Ultimate Electronics to hold auctions Thursday and Friday

By Ted A. Knutson

Washington, April 13 - Ultimate Electronics, Inc. plans to conduct auctions of its store inventory Thursday and Friday.

The auction Friday will be for bids to liquidate the inventory at all 62 of the Thornton, Colo. electronic chain's stores while the Thursday auction is limited to 24 to 30 of the company's outlets in Iowa, Kansas City, Utah, Missouri, Texas, Idaho, Minnesota, Colorado and Arizona

Ultimate said it will seek approval of the best bid or combination of bids during the two days of auctions on April 19 before judge Peter J. Walsh of the U.S. Bankruptcy Court for the District of Delaware.

Great American Group has been named the stalking horse bidder for the Friday auction. Great American was named as Ultimate's exclusive agent for liquidating the inventory of the stores in the Thursday auction.

Ultimate also revealed it has received permission from lenders to access $5 million from its debtor-in-possession finance facility cash reserves between April 8 and April 19.

Ultimate Electronics filed for Chapter 11 on Jan. 11. Its case number is 05-10104.

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