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Tower Records Requests Exclusivity Extension

Law360 (December 4, 2006, 12:00 AM EST) -- As it prepares to close its stores for good, music retailer Tower Records has asked for four more months to formulate a reorganization plan without outside interference.

In court papers filed Thursday with the U.S. Bankruptcy Court in Wilmington, Del., Tower said the large scale and complexity of its Chapter 11 proceedings necessitated an extension to its exclusivity period.

The company pointed out that it has already obtained debtor-in-possession financing, conducted an asset sale, downsized its business, established a claims bar date, and made strides in...
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