Musicland looks to hire representative of Walker, Truesdell as wind-down officer

By Caroline Salls

Pittsburgh, Aug. 30 - Musicland Holding Corp. requested court approval to hire Walker, Truesdell & Associates, Inc. as the company's wind-down officer, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

According to the motion, the company intends to file its first amended joint liquidating plan of reorganization soon, which will provide for the use of the company's cash to satisfy administrative, priority and some secured claims and to fund Musicland's wind-down costs.

Musicland said it expects that all of its employees, except the chief financial officer and about 10 other employees, will have been either terminated or no longer employed with the company by Sept. 12.

As a result, the company is looking to retain Hobart G. Truesdell as wind-down officer.

Truesdell's duties will include filing financial documents, assisting with the claims resolution and avoidance action processes and collecting monies due under the sale of the company's assets.

A hearing is scheduled for Sept. 12.

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.

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