Circuit City Group (fka CCTYQ)

[paxman9270]

found this today...it's about 1/2 way down the page

http://www.bloomberg.com/news/2010-07-15/gsi-capmark-spheris-circuit-city-spansion-lucien-piccard-bankruptcy.html


Circuit City Has Buyer for Land Under Head Office

Circuit City Stores Inc. has a $2.75 million offer for the sale of land in the Deep Run Business Park in Richmond, Virginia, where the corporate headquarters was located. The property being sold doesn’t include the building.

Other bids are due by July 27. An auction will take place July 29, followed by a hearing to approve the sale on Aug. 4.

Circuit City and the official creditors’ committee are at loggerheads over details in the liquidating Chapter 11 plan. The bankruptcy judge sent them to mediation with instruction to report to him at a July 22 status conference.

Circuit City and the committee jointly filed a liquidating plan in last August for the former 721-store electronics retailer. They couldn’t agree on who would control the liquidating trust to be created under the plan.

In addition to the dispute over the liquidating trust, the plan couldn’t be confirmed in view of outstanding Canadian tax claims.

All except approximately $5 million to $20 million in secured claims were fully paid from store liquidation proceeds. Unsecured creditors with claims ranging from $1.8 billion to $2 billion were estimated to have a recovery ranging between nothing and 13.5 percent, according to the explanatory disclosure statement for the joint plan.

Circuit City filed under Chapter 11 in November, 2008, in its Richmond, Virginia, hometown, listing assets of $3.4 billion and debt totaling $2.3 billion as of Aug. 31, 2008. Papers originally listed $898 million owing to the secured revolving credit lenders. Unsecured trade suppliers were owed another $650 million at the outset, the company said in a court filing.

The case is In re Circuit City Stores Inc., 08-35653, U.S. Bankruptcy Court, Eastern District Virginia (Richmond).