Ultimate Electronics' plan of reorganization accepted by holders of 97.98% of general unsecured claims

By Caroline Salls

Pittsburgh, Dec. 5 - Ultimate Electronics, Inc.'s plan of reorganization was accepted by 100% of the holders of $241,883 in convenience class claims and holders of 97.98% of $24.65 million in general unsecured claims, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The holders of $507,237 of general unsecured claims, or 2.02% of the class's total amount, rejected the plan.

A total of 100%, or 57, of convenience class claimholders accepted the plan, 71.23%, or 104, of the general unsecured creditors voted to accept it and 28.77%, or 42, general unsecured creditors voted to reject it.

Ultimate Electronics, a Thornton, Colo.-based consumer electronics retailer, filed for bankruptcy on Jan. 11, 2005. Its Chapter 11 case number is 05-10104.

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