Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers M > Headlines for Musicland Holding Corp. > News item |
Musicland disclosure statement approved; hearing set for Nov. 28
By Caroline Salls
Pittsburgh, Oct. 16 - Musicland Holding Corp.'s disclosure statement for its plan of liquidation was approved Monday by the U.S. Bankruptcy Court for the Southern District of New York.
The plan confirmation hearing is scheduled for Nov. 28.
Following emergence from bankruptcy, the company will continue to exist only to liquidate and wind up its estates.
Under the plan, holders of administrative, other priority and other secured claims will receive full recovery in cash.
Holders of secured trade claims will receive their share of available and remaining assets and their share of a secured trade creditor release after payment of administrative expense, disputed administrative expense, other priority, other secured and priority tax claims.
Secured trade creditors include Buena Vista Home Entertainment, Inc.; EMI Music North America; Metro-Goldwyn-Mayer Home Entertainment LLC; Paramount Pictures, Home Video Division; Sony BMG Music Distribution; Sony Pictures Home Entertainment Inc.; Twentieth Century Fox Home Entertainment LLC; Universal Music and Video Distribution; Warner/Elektra/Atlantic Corp. and Warner Home Video Inc.
Existing stock and interests will be canceled, and holders will receive no distribution under the plan.
Musicland, a Minnetonka, Minn., specialty retailer of pre-recorded entertainment software products, filed for bankruptcy on Jan. 12, 2006. Its Chapter 11 case number is 06-10064.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.