Circuit City's Ch. 11 Plan Gets Court OK

Law360, New York (September 9, 2010, 5:06 PM EDT) -- A federal bankruptcy judge has given the stamp of approval to Circuit City Stores Inc.'s proposed liquidation plan, under which creditors are set to receive about $450 million in payouts while shareholders receive nothing.

Judge Kevin R. Huennekens of the U.S. Bankruptcy Court for the Eastern District of Virginia confirmed the second amended joint plan of liquidation at a hearing Wednesday, court dockets showed.

The approval came after the debtors and the official committee of unsecured creditors spent months negotiating the details of Circuit City's original...
To view the full article, register now.