Stalking Horse bid announced -- Competing bids due July 18, 2017.
New York, NY, June 9, 2017: Hilco Streambank (www.hilcostreambank.com) has been retained, by General Wireless Operations, Inc. (the “Company”) to market and sell the Company’s 100% membership interest (the “Membership Interest”) in its affiliate General Wireless IP Holdings LLC (“IP Holdings”) and related intellectual property. IP Holdings owns the RadioShack® brand in the United States, Canada, Asia, Europe and other significant territories throughout the world (the “RadioShack® Brand Assets”). The RadioShack® Brand Assets are exclusively licensed to the Company. The Membership Interest will be sold in a sale under Section 363 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.
On June 8, 2017, the Company entered into an Agreement with Kensington Technology Holdings, LLC for the sale of the Membership Interest for $15 million, subject to higher and better offers (the “Stalking Horse Agreement”). The Stalking Horse Agreement and the proposed Bidding Procedures can be viewed on the Debtor’s docketing website https://cases.primeclerk.com/generalwireless/ or on the Hilco Streambank website - Click here to View Sale Motion. The proposed Bidding Procedures provide for the following dates:
-Bid Deadline: July 18, 2017 at 5:00PM ET
-Auction Date: July 20, 2017 at 10:00AM ET
-Sale Hearing: July 24, 2017
As of March 2017, the Company operated more than 1,500 stores under the RadioShack® brand across the United States, Puerto Rico, and U.S. Virgin Islands. In addition, the Company has a network of approximately 425 RadioShack dealer-franchise outlets located throughout the US. In Southeast Asia, RadioShack branded stores are operated by a franchisee whose territory comprises the ten member countries within the Association of Southeast Asia Nations (A.S.E.A.N).
For over 95 years, RadioShack® and RadioShack.com, have provided consumers dependable cost-effective solutions for their computing, mobility and household electronics needs. The RadioShack® Brand assets include well-known proprietary consumer electronics and accessories brands such as RadioShack®, AUVIO®, Realistic®, Enercell®, and Gigaware®.
Parties interested in learning more about the Membership Interest sale process, the RadioShack® Brand Assets and related intellectual property, and other bidding requirements should contact Hilco Streambank directly using the contact information provided below.
About Hilco Streambank
Hilco Streambank is a market leading advisory firm specializing in intellectual property disposition and valuation. Over the last three years Hilco Streambank has become a leader in the IP valuation and disposition market, representing brands across various industries. Having completed numerous transactions including sales in publicly reported Chapter 11 bankruptcy cases, private transactions, and online sales through HilcoDomains.com and IPv4Auctions.com, Hilco Streambank has established itself as the premier intermediary in the consumer brand, internet and telecom communities. Hilco Streambank is part of Northbrook, Illinois based Hilco Global (www.hilcoglobal.com), a worldwide financial services company and leader in helping companies maximize the value of their assets.