Former Tweeter granted court confirmation of amended liquidation plan

By Kali Hays

New York, Oct. 23 – TWTR, Inc., formerly Tweeter Home Entertainment Group, Inc., received confirmation of its amended joint Chapter 11 plan of liquidation, according to an Oct. 23 order from the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company received approval of its disclosure statement on Aug. 22.

Filed in July, the amended plan removed treatment of convenience claims that were to receive the lesser of $50 and 10% of their claims under the initial plan.

The treatment of creditors under the amended plan includes 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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