NEW YORK, N.Y. – RadioShack creditor Salus says it won’t improve its bid as it fights with another buyer for the electronics chain, hedge fund Standard General.
Salus had failed to win an auction for the assets of the Fort Worth, Texas-based electronics retailer, which filed for bankruptcy in February. RadioShack instead chose a $160 million bid from hedge fund Standard General that consists mostly of credit on debt it is owed.
That proposal would keep 1,743 stores open and preserve about 7,500 jobs.
In a letter filed with the bankruptcy court in Delaware, Salus says it changed its mind on improving its offer after learning of unspecified new developments.
Salus plans to argue in court Monday why its offer, which included a $271 million cash payment, is better than Standard General’s bid.