Former Tweeter confirmed plan of liquidation in effect as of Oct. 31

By Kali Hays

New York, Nov. 5 – The amended joint Chapter 11 plan of liquidation of TWTR, Inc., formerly Tweeter Home Entertainment Group, Inc., took effect on Oct. 31, according to a Nov. 4 filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company received confirmation of the plan Oct. 23.

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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