Circuit City One Step Closer to Liquidation

Law360, New York (September 25, 2009, 1:01 PM EDT) -- A federal judge has given the nod to Circuit City Stores Inc.’s disclosure statement, clearing the way for creditors to vote on a Chapter 11 plan the fallen consumer electronics retailer says will lead to a speedy liquidation.

Having overruled or resolved objections to the disclosure statement, Judge Kevin R. Huennekens of the U.S. Bankruptcy Court for the Eastern District of Virginia approved the disclosure statement Sept. 24 and scheduled the liquidation plan’s confirmation hearing for Nov. 23.

“Specifically, but without limitation, the disclosure statement complies...
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