Debevoise & Plimpton LLP is advising Standard General L.P. (“Standard General”) in an asset purchase agreement between its affiliate General Wireless Inc. (“General Wireless”) and RadioShack, whereby General Wireless has agreed to acquire between 1,500 and 2,400 of RadioShack’s U.S. Company-owned stores.
General Wireless, the entity formed to acquire the stores under the asset purchase agreement, has agreed in principle on terms with Sprint to establish a new dedicated mobility “store within a store” retail presence in up to 1,750 of the acquired stores. This agreement-in-principle is subject to negotiation of definitive documentation as well as court approval.
To effectuate this transaction and an orderly sale of RadioShack’s remaining assets, RadioShack and certain of its U.S. subsidiaries have filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. As part of this process, other parties will have an opportunity to submit offers for RadioShack’s assets in a court-approved process. The sale agreement is subject to court approval and other conditions.
Standard General was founded in 2007 and has been a SEC-registered investment adviser since 2009. It primarily manages capital for public and private pension plans, endowments, foundations and high net worth individuals.
The Debevoise team is led by partners Craig A. Bowman
, Richard F. Hahn
and Jonathan E. Levitsky
and includes partners M. Natasha Labovitz
, George E. B. Maguire
and Shannon Rose Selden
, and associates Usman Arain, Scott A. Bell, Uri Herzberg
, Nick S. Kaluk
, Ryan T. Rafferty
and Ramya S. Tiller
Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. The firm’s commercially savvy lawyers regularly lead strategic transactions and complex disputes for world-class clients.