BlueCrest Said to Urge RadioShack to Repay Secured Creditors
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Hedge fund BlueCrest Capital Management is pushing RadioShack Corp. to repay lenders who blocked the struggling retailer’s store-closing plans, and may help fund such a move, according to a copy of a letter obtained by Bloomberg News.
BlueCrest, run by billionaire Michael Platt, said in the letter that the fund is a shareholder and unsecured debtholder of RadioShack’s and could help provide financing along with other creditors. BlueCrest supports the company’s attempt to shut stores, which would help stem its cash burn, according to the letter.