Former Tweeter unsecured committee gets OK on Bose claims settlement

By Kali Hays

New York, Aug. 26 – The official committee of unsecured creditors for TWTR, Inc., formerly Tweeter Home Entertainment Group, Inc., received court authorization to enter a settlement agreement with Bose Corp. resolving $2.28 million in claims, according to a Tuesday order with the U.S. Bankruptcy Court for the District of Delaware.

Under the terms of the settlement, Bose will be allowed two separate general unsecured claims in the amount of $264,819 and $350,000 and will release all remaining claims against TWTR.

As previously reported, the committee said that while it “strongly believes it has strong defenses with respect to the validity of the claims, Bose has made clear that it considers its claims also to be strong” in which case the agreement is “unquestionably in the best interest of the debtors’ estates and its general unsecured creditors,” according to the motion.

Tweeter, a Canton, Mass., consumer electronics retailer, filed for bankruptcy on June 11, 2007. Its Chapter 11 case number is 07-10787.

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