In the first quarter of this year, Fort Worth, Texas-based electronics chain store RadioShack filed for a Chapter 11 Bankruptcy Protection plan. The company struggled selling their products once consumers started buying electronic goods online for convenience. RadioShack warned of possible bankruptcy September of last year but was given funding. The store has $1 billion in debt and does not have enough assets to repay all of their debts.
Recently at a United States Bankruptcy Court in Wilmington, Delaware, Judge Brendan Shannon announced that he would sign off on both settlements and a Chapter 11 plan for the company. The company’s liquidation proceeds will be distributed to the junior creditors.
If you are in Texas and you find yourself or your company in an impending bankruptcy situation, do not hesitate to consult with a legal team and talk about how to gain the best scenario. Discuss your situation with our bankruptcy lawyers at Gagnon, Peacock & Vereeke, P.C. and we will gladly assist you. Call us today at (214) 824-1414.