Shopko requests approval of $2.22 million Visa/MasterCard claim sale

By Caroline Salls

Pittsburgh, April 15 – Shopko requested court approval of the $2.22 million sale of a Visa/MasterCard claim, according to a motion filed Saturday with the U.S. Bankruptcy Court for the District of Nebraska.

Specifically, Shopko said it is looking to sell the rights to settlement proceeds as a class member in the Visa/MasterCard case.

Halcyon Loan Trading Fund LLC has agreed to purchase the claim. If Shopko enters into an alternate transaction for the sale of the claim, it will pay Halcyon a 1.5% break-up fee and reimburse up to $20,000 of its sale-related expenses.

The company said the purchase price represents less than 1% of the estimated total proceeds from a liquidation of its assets, the motion said.

The sale is expected to close by May 14.

Shopko is a Green Bay, Wis., operator of general merchandise stores throughout the Central, Western and Pacific Northwest regions of the United States. The company is a $3 billion retailer that operates more than 360 stores in 26 states. The company filed bankruptcy on Jan. 16 under Chapter 11 case number is 19-80064.

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