Tower Records Keeps Exclusivity Rights

Law360, New York (June 7, 2007, 12:00 AM EDT) -- A federal court judge on Thursday reportedly spurned an attempt by the official committee of unsecured creditors to terminate bankrupt music distributor Tower Records' exclusive right to propose a restructuring plan and allow the committee to file a competing plan.

Judge Brendan Shannon's decision to preserve the company's exclusivity period means that creditors will only be able to vote “yes” or “no” on the company's exit strategy, and will not be able to choose between Tower's plan and one submitted by unsecured creditors, Dow Jones reported....
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