The former RadioShack won final court approval of its chapter 11 plan Wednesday after brokering key settlements with lenders that paved the way for the former electronics retailer to secure a judge’s signature on the proposal, the Wall Street Journal reported today. Bankruptcy Judge Brendan Shannon said following a hearing that he would sign off on both the settlements and the chapter 11 plan, which distributes proceeds from the company’s liquidation to its creditors. Burdened with more than $1 billion in debt, RadioShack filed for bankruptcy protection in February and shut down or sold off almost all of its 4,000-store chain. Under its chapter 11 plan, the corporate remains of what was once RadioShack will pay most secured lenders in full but will leave little behind for lower-ranking creditors.
