Creditors Challenge Tower Records Chapter 11 Plan

Law360, New York (April 27, 2007, 12:00 AM EDT) -- The official committee of unsecured creditors has objected to Tower Record’s proposed Chapter 11 plan, upset that the group will not have more control over the defunct music retailer’s post-bankruptcy concerns.

On Wednesday, the creditors filed a formal protest with the U.S. Bankruptcy Court in Delaware, expressing strong opposition to the post-Chapter 11 leadership outlined in Tower’s plan.

Tower, which has no intention of reorganizing, is currently in the last stages of liquidating its assets, but is still facing a number of critical issues, including a...
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