Ultimate Acquisition Must Wait To Pay Vendors: Judge

Law360, New York (January 28, 2011, 7:53 PM EST) -- A bankruptcy judge on Friday refused to authorize Ultimate Acquisition Partners LP to pay $10 million to essential vendors, saying the electronics retailer was making promises it couldn’t keep before it can guarantee access to more cash collateral.

Judge Mary F. Walrath signed off on a slew of first-day motions for the company at a hearing in the U.S. Bankruptcy Court for the District of Delaware, but stopped short of approving the critical vendor motion after the debtors’ secured lender indicated that it would only agree...
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