The U.S. Bankruptcy Court issued an order approving the Disclosure Statement and concurrently confirming General Wireless Operations’ (GWOI) Modified First Amended Joint Plan of Reorganization.
According to documents filed with the Court, “Under the Plan, Debtor GWOI will emerge as a Reorganized Debtor, and will be vested with substantially all of the remaining property of the Debtors’ estates, other than the Litigation Trust Assets. The business operations of the Reorganized Debtor on the Effective Date will consist of the Debtors’ eCommerce business, the Debtors’ Dealer network operations, between zero and twenty-eight (28) brick and mortar retail stores, and the Debtors’ warehouse operations.”
This privately-held electronics retailer (d/b/a RadioShack) filed for Chapter 11 protection on March 8, 2017, listing more than $100 million in pre-petition assets. GWOI was formed to purchase and operate certain assets of RS Legacy (p/k/a RadioShack).
RadioShack initiated a previous Chapter 11 filing in October 2015. Read more RadioShack bankruptcy news.