Musicland's $104.2 million asset sale completed

By Caroline Salls

Pittsburgh, March 29 - The $104.2 million sale of Musicland Holding Corp.'s assets to Trans World Entertainment Corp. was completed Wednesday, according to a Trans World news release.

In addition to the $104.2 million cash purchase price, the sale also included $18.1 million in assumed liabilities.

According to the release, Trans World also amended its revolving secured credit agreement with Bank of America, NA, increasing the facility to $130 million from $100 million.

Musicland, a Minnetonka, Minn., specialty retailer of pre-recorded entertainment software products, filed for bankruptcy on Jan. 12 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 06-10064.

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