Former Tweeter removes claimant class in amended disclosure statement

By Kali Hays

New York, July 17 – TWTR, Inc., formerly Tweeter Home Entertainment Group, Inc., removed treatment of convenience claims in an amended disclosure statement related to its Chapter 11 plan of liquidation filed July 16 with the U.S. Bankruptcy Court for the District of Delaware.

A hearing to approve the amended disclosure statement is set for Aug. 20.

Under the previous plan, holders of convenience claims were to receive the lesser of $50 and 10% of their claim.

The treatment of creditors under the amended plan will include the following:

• Holders of miscellaneous secured claims will either be paid in full in cash or receive the collateral securing their claims;

• Holders of non-tax priority claims will be paid in full in cash;

• Holders of general unsecured claims will receive a share of a class three distribution amount; and

• Holders of intercompany claims, subordinated class 510(b) claims, 510(c) claims and old equity interests will receive no distribution.

Tweeter, a Canton, Mass., consumer electronics retailer, filed for bankruptcy on June 11, 2007. Its Chapter 11 case number is 07-10787.

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