Thornton, Colo. - Ultimate Electonics' CEO Mark Wattles has formally submitted a bid to buy most of the assets of the bankrupt A/V specialty chain, which goes on the auction block on April 15.
According to regulatory filings with the U.S. Securities and Exchange Commission,Wattles' investment vehicle, Ultimate Acquisition Partners, has offered $47.1 million in cash and a promisary note for the majority of Ultimate's inventory and leases.
The move is being backed by the chain's unsecured creditors, barring a higher or better offer, the filing indicated.
If successful, the action would allow Ultimate to re-emerge as a new retail entity, free of bankruptcy and debt. According to the filing, Wattles would also consider making employment offers to substantially all employees working at locations where the company purchases inventory.