Ultimate Electronics Converts To Ch. 7

Law360, New York (May 3, 2011, 7:05 PM EDT) -- After failing to secure continued access to cash collateral to stay in Chapter 11, the parent companies of defunct retailer Ultimate Electronics received permission Tuesday from a Delaware bankruptcy court to convert to a Chapter 7 liquidation.

The unsecured creditors committee in the case convinced Judge Mary F. Walrath last week to put off consideration of the conversion motion while it negotiated with secured lender General Electric Capital Corp. on a modest budget so the committee could finish its investigation of potential claims against Ultimate Electronics...
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