Musicland Wins Bidding Procedure Approval

Law360, New York (March 3, 2006, 12:00 AM EST) -- A federal bankruptcy judge has endorsed bankrupt Musicland Holding Corp.’s bidding procedures for its asset sale, pushing the entertainment retailer one step closer to climbing into bed with archrival Trans World Entertainment Corp.

Judge Stuart Bernstein approved the order on Wednesday in U.S. Bankruptcy Court for the Southern District of New York, where the Minnesota-based company filed for Chapter 11 bankruptcy protection in January.

The development comes on the heels of Musicland entering into an asset purchase agreement with stalking-horse bidder Trans World for approximately $104...
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