Turnaround Restructuring
Tweeter gets court OK for $20m liquidation loan
Du : 16/11/2008
Tweeter Opco LLC won interim court permission to borrow $20 million to fund its liquidation, 15 months after the 94-store electronics chain was bought out of bankruptcy by Schultze Asset Management LLC for $38 million.
The company filed for bankruptcy Nov. 5 in Wilmington, Del., the second time it sought protection from creditors in 17 months. Tweeter, based in Canton, estimated it would sell $45.4 million worth of merchandise during the eight-week-long liquidation, according to court papers. That estimate may change because of going-out of business sales at Circuit City Stores Inc., which said last month it might close at least 150 stores to avoid bankruptcy, Tweeter chief restructuring officer Craig Boucher said.
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The company filed for bankruptcy Nov. 5 in Wilmington, Del., the second time it sought protection from creditors in 17 months. Tweeter, based in Canton, estimated it would sell $45.4 million worth of merchandise during the eight-week-long liquidation, according to court papers. That estimate may change because of going-out of business sales at Circuit City Stores Inc., which said last month it might close at least 150 stores to avoid bankruptcy, Tweeter chief restructuring officer Craig Boucher said.
Related Articles
[28/05/2009] PEI Asia, July/August 2009, Mapping the turnaround market
[14/03/2007] March 28-31 Dallas TMA Conference Updates Corporate Renewal Professionals on Best Practices
[01/03/2006] KPMG adds turnaround executives to its restructuring practice
[01/02/2006] Chief Restructuring Officers: The Lender’s Secret Weapon
[01/11/2005] Northern California Turnaround Pioneer Receives ACTP Lifetime Achievement Award
[01/11/2005] Tom Ridge and Cokie Roberts Speak at Turnaround Management Association's Chicago Convention, Oct. 20-21
[01/11/2005] Turnaround Professionals to Take on Gulf Coast Business Renewal Project