RadioShack seeking new, lower-cost loans: sources
(Reuters) - Retailer RadioShack (RSH.N) is looking to refinance its debt by securing new, lower-cost loans, a process it would like to complete by the end of the year, according to two sources familiar with the matter.
The struggling electronics chain, whose shares have tanked as sales have fallen over the past year, believes it can avoid a restructuring if it can pay off current lenders, including Bank of America (BAC.N) and Wells Fargo (WFC.N), and secure more favorable borrowing terms from new lenders, said the sources, who declined to be named because discussions are ongoing.
The process is in its early stages, and no deals have been proposed, one of them said. It is possible lenders like Wells Fargo and Bank of America could supply new loans, though third parties like GE Capital Corp (GEB.N), which tends to do large asset-based lending deals, could enter the fray, the people said.
A spokesman for Bank of America declined to comment. Representatives for GE Capital, Wells Fargo and RadioShack did not immediately respond to requests for comment.
(Reporting by Nick Brown and Dhanya Skariachan; Editing by Alden Bentley)
- Carnage at U.N. school as Israel pounds Gaza refugee camp |
- EU and U.S. announce new sanctions on Russia over Ukraine |
- U.S. Senate bill proposes sweeping curbs on NSA surveillance
- Obama says strains over Ukraine not leading to new Cold War with Russia
- Putin may have passed point of no-return over Ukraine