Tower Records Scouts For Potential Buyer

Law360, New York (August 21, 2006, 12:00 AM EDT) -- Music retailer Tower Records Inc., which voluntarily filed for Chapter 11 on Sunday, is on the lookout for a potential buyer and hopes to wrap up the sale in time for the busy holiday season.

Tower and its privately held owner, MTS Inc., said that Tower would be sold through Section 363 under Chapter 11. The process of selling the company through Section 363 is subject to approval by the U.S. Bankruptcy Court in the District of Delaware, and will prompt the sale to occur within...
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