Musicland liquidation plan approved by a majority of voting creditors

By Caroline Salls

Pittsburgh, Nov. 21 - A majority of Musicland Holding Corp. voting creditors accepted the company's plan of liquidation, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

All 10 of the holders of $142.48 million in secured trade claims voted to accept the plan.

A total of 552, or 96%, of general unsecured claim holders voted to accept the plan, while 23, or 4%, voted to reject it. The holders who voted in favor of the plan hold $60.31 million, or 98.25%, of the general unsecured claims, and the holders who voted to reject the plan hold $1.07 million, or 1.75%, of the general unsecured claims.

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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