WILMINGTON, Del. – A lender who failed to win an auction this week for RadioShack's assets is planning to submit a new bid as a bankruptcy court hearing on the fate of the electronics retailer drags on.
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An attorney for Salus Capital Partners, one of RadioShack's largest creditors, said Friday that it will present a new bid when the hearing resumes Monday and is willing to discuss it with other creditors over the weekend.
Salus says its new bid will be significantly better than its initial $271 million offer, which was contingent on future litigation results and was rejected.
RadioShack instead chose a bid from hedge fund Standard General that consists mostly of credit on debt it is owed rather than cash, but would keep 1,743 stores open and preserve about 7,500 jobs.