Tower Records Slams Creditors' Plan

Law360, New York (June 5, 2007, 12:00 AM EDT) -- Tower Records on Monday lambasted its creditors committee's opposition to the bankrupt music distributor's liquidation plan, calling the opposition a “declaration of war” that would lead to a proceeding “fraught with delay, increased expense and a litigation free-for-all.”

Tower, which has no intention of reorganizing, is currently in the last stages of liquidating its assets. However, it is still handling a number of critical issues, including a lawsuit recently filed by a vendor group.

On May 22, the company offered a modified version of both its...
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