Judge OKs Musicland Liquidation Plan

Law360, New York (January 22, 2008, 12:00 AM EST) -- A judge has approved the liquidation plan of bankrupt music retailer Musicland Holdings Inc., allowing it to exit Chapter 11 protection after a sale of its assets.

Judge Stuart M. Bernstein of the U.S. Bankruptcy Court for the Southern District of New York signed off on the plan Thursday. The confirmation came after Musicland resolved outstanding issues over the plan with unsecured creditors, secured trade vendor committees and Wachovia Bank.

Wachovia Bank objected to the confirmation because of a long-standing dispute over the bank's attempt to...
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