RadioShack Reaches Rescue Deal
RadioShack has reportedly completed a deal in order to avoid bankruptcy.
According to Bloomberg News, the retail chain has reached a deal with hedge fund Standard General LP in order to refinance a $535 million credit facility. Standard General and Litespeed Management LLC have also agreed to pay $120 million to "cash collateralize letters of credit for the company."
RadioShack had said in its most recent earnings statement that it faced possible bankruptcy in the absence of a rescue deal.