Circuit City Group (fka CCTYQ)

[paxman9270]

http://www.bloomberg.com/news/2010-09-01/tronox-tribune-circuit-city-centaur-visteon-u-s-concrete-bankruptcy.html


Circuit City Plan to Pay Up to 32% after Sept. 8

Circuit City Stores Inc. is scheduled for approval of a revised liquidating Chapter 11 plan at a Sept. 8 confirmation hearing. Unsecured creditors were told to expect a recovery between 10 percent and 30 percent on claims totaling from $1.8 billion to $2 billion.

When Circuit City received approval of the original disclosure statement last year, creditors were told not to expect more than 13.5 percent.

Eastman Kodak Co. is objecting to confirmation of the plan unless it’s modified so there is a definite date when the plan will be implemented. Without changes, Kodak says that implementation of the plan will be “controlled by one or more of the plan proponents or by parties outside of this court’s jurisdiction.”

Circuit City and the official creditors’ committee had been at loggerheads over details surrounding the plan until mediation broke the impasse. The revised plan took the place of the version originally filed in August 2009. The creditors’ committee filed a plan of its own in June.

The original plan was initially scheduled for a confirmation hearing in November.

Once a 721-store electronics retailer, Circuit City paid off all except about $5 million to $20 million in secured claims through proceeds from store liquidations. The Chapter 11 filing was in November 2008, in the company’s Richmond, Virginia, hometown. The petition listed 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 of Virginia (Richmond).