Tower Records Fine-Tunes Plan To Quell Critics

Law360, New York (July 27, 2007, 12:00 AM EDT) -- In an effort to appease critics of its proposed Chapter 11 exit strategy, bankrupt music chain Tower Records has agreed to tweak its liquidation plan to give stakeholders more say.

Defending a group of unsecured creditors' claims that the plan disenfranchises them, Tower said that although the plan had been met with “overwhelming support,” it would be modified to “foster additional creditor participation.”

The official committee of unsecured creditors lashed out last week at the music retailer's “far from mainstream" plan, saying it barred them from...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.