Tower Records Modifies Liquidation Plan

Law360, New York (June 6, 2007, 12:00 AM EDT) -- Bankrupt music distributor Tower Records on Tuesday once again filed a modified version of its liquidation plan and disclosure statement, the third draft of the plan in less than three months.

The plan provides full payment for administrative claims, priority tax claims, other priority claims and CIT claims. The remaining other secured claims, trade vendor claims, general unsecured claims and interests and securities subordinated claims are impaired, the company said.

Holders of other secured claims will receive either cash equal to the amount of the claim,...
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