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Tweeter Seeks Delay on Chapter 11 Plan
Chain Store Age
Friday, February 8, 2008
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Tweeter Home Entertainment Group Inc. said it needs more time to analyze claims and assess its financial condition before developing a Chapter 11 plan to divvy up proceeds from its sale to a New York hedge fund.
In light of the "recent" sale closing and the significant claims that are unresolved, Tweeter said in a court filing Tuesday that it deserves another four months to prepare a liquidation plan without the threat of rival plans.
The company is seeking to extend its exclusive right to file a plan through June 5. The period was set to expire Wednesday, but is automatically stretched through March 3 when the U.S. Bankruptcy Court in Wilmington, Del., holds a hearing on the company's request.
The company is also asking the court to extend its exclusive right to solicit plan votes through Aug. 4 from April 7.
Judge Peter J. Walsh granted the company's prior request for an exclusivity extension.
Companies referred to in story:
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