RadioShack inks debt restructuring deals
FORT WORTH, Texas (AP) – RadioShack says it has inked deals with a group of investors to restructure part of its debt and access funds, moves aimed at giving the struggling consumer electronics retailer more financial breathing room.
The Fort Worth, Texas-based chain said Friday that Standard General LP and other investors have acquired a credit line that GE Capital had extended to RadioShack.
The retailer expects it will be able to draw on that credit to buy inventory ahead of the holiday shopping season.
RadioShack says that Standard General, Litespeed Management and other investors are providing $120 million in an investment that the chain expects will be converted into equity securities.
RadioShack warned last month that it may need to file for Chapter 11 bankruptcy protection as it struggles to compete with online retailers.
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