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The court confirmed the First Amended Joint Plan of Liquidation for RadioShack Corporation and its debtor affiliates, moving the case from sale execution into liquidating-trust administration source filing. RadioShack filed Chapter 11 on February 5, 2015 with estimated assets and liabilities each between $1 billion and $10 billion and 25,001 to 50,000 creditors, with CFO John S. Day signing the petition source filing. The first-day record described a Fort Worth-based consumer-electronics retailer with roughly 4,000 U.S. stores and about 21,000 employees, pressured by declining performance, liquidity constraints, online and big-box competition, and restrictive debt covenants source filing.
The case posture was liquidation through a fast sale process, not a standalone reorganization. The debtors pursued a dual track built around a $585 million DIP facility led by Salus Capital Partners and Cerberus Business Finance and a stalking-horse sale to General Wireless Inc., an affiliate of Standard General L.P. source filing. On April 1, the court approved the sale of substantial assets to General Wireless Operations Inc., with Sprint tied to the go-forward store-within-a-store arrangement and the consideration including credit bidding and assumed liabilities source filing. The confirmed plan created a liquidating trust to hold remaining assets, reconcile claims, pursue estate causes of action, and distribute proceeds under the plan waterfall source filing.
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