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...
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