Tower Records requests three-month exclusivity extension

By Jennifer Lanning Drey

Portland, Ore., May 22 - Tower Records requested a three-month extension to its exclusive period to solicit votes on its plan of liquidation, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend the solicitation period to Aug. 31 from May 25.

According to the motion, the extension is necessary because Tower is in negotiations with its creditors' committee and trade vendor committee, which both filed objections to the company's previously filed plan of liquidation.

A hearing on the exclusivity extension has been scheduled for June 25.

Tower is a subsidiary of Sacramento, Calif.-based MTS Inc. The company filed for bankruptcy on Aug. 20, 2006, and its Chapter 11 case number is 06-10886.

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