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.
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.
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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.