Tower Records Files Modified Liquidation Plan

Law360, New York (May 23, 2007, 12:00 AM EDT) -- In an attempt to quell protests over its original bankruptcy liquidation plan from its creditors, Tower Records offered a modified version of both the plan and its disclosure statement on Tuesday.

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 lawsuit filed recently by a vendor group.

The company filed the first draft of its liquidation plan on March 26, but creditors and other interested parties immediately...
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