Ultimate Electronics Heads To Liquidation In Ch. 11

Law360, New York (February 7, 2011, 6:38 PM EST) -- After failing to obtain the financing necessary to keep operations humming, Ultimate Electronics' parent companies have abandoned an effort to scale back operations and asked a bankruptcy court for permission to close all 46 of the retail chain’s stores.

Ultimate Acquisition Partners LP and CC Retail LLC cited the companies’ failure to attract debtor-in-possession financing and secured lender General Electric Capital Corp.’s refusal to grant use of its cash collateral as the driving forces behind the decision to liquidate, according to a motion filed Friday in...
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