California Bankruptcy Lawyer Blog

Fremont Bankruptcy Attorney Discusses Sacramento-Based Tower Records Sold At Bankruptcy Auction To Liquidation Firm Great American Group

On October 6, Tower Records was sold to Great American Group for $134.3 million at a bankruptcy auction. Great American Group plans to sell all of Tower’s inventory, and going-out-of-business sales are already taking place at all 89 Tower stores.

Tower Record’s website Tower.com, Pulse! Magazine and its 33rd Street Records, however, are being bought by Norton LLC of San Francisco for $3.8 million.

Tower Records owes $200 million to creditors and in August had filed for bankruptcy for a second time.

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Redwood City Bankruptcy Attorney Discusses Bay Area Based-Silicon Graphics Reemergence From Chapter 11 Approved By U.S. Bankruptcy Court

Silicon Graphics Inc. (SGI) plans to emerge from bankruptcy this month. The Mountain View-based computer business’s reorganization plan was approved by a US bankruptcy court last month.

SGI says it is receiving an $85 million term loan from Morgan Stanley Senior Funding Inc. and a $30 million credit line from General Electric Capital Corp. for its exit financing. SGI says the loan will pay off debtor-in-possession financing and provide working capital for its current operations.

SGI—the company that became famous for its high-powered graphic systems—filed for Chapter 11 protection last May when it reported $664 million in debt and $369 million in assets.

Filing Chapter 11 of the Bankruptcy code lets a bankrupt company reorganize it’s business so it can become profitable. The business continues running but must be supervised by a bankruptcy court.

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Posted In: Bankruptcy Law

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