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Trans World to Acquire Assets of Bankrupt Musicland Retail Chain

Authored by Mark Hefflinger on February 21, 2006 - 6:48am.
Albany, N.Y. - Trans World Entertainment, a music retailer whose stores include FYE, Wherehouse, Strawberries and Coconuts, announced on Tuesday that it has bid to acquire the assets of bankrupt music retailer Musicland Holding Corp., including its Sam Goody and Suncoast Motion Picture Company stores. Musicland filed for Ch. 11 bankruptcy protection in January, after seeing its revenues drop 42% between 1999 and 2005. The purchase agreement is subject to a competitive bidding process and bankruptcy court approval. "We believe that the acquisition of Musicland's assets will allow us to leverage their store locations, strategically increase Trans World's national footprint, and will provide further growth opportunities," said Trans World chairman and CEO Robert J. Higgins. Trans World currently operates nearly 800 retail stores in 46 states.
tags: Music | Retail | Bankrupt | Musicland | Trans World |

Bankrupt Digital Music Provider DMX Music Sold to THP Capstar

Authored by Mark Hefflinger on February 14, 2005 - 10:44am.
Los Angeles -- DMX Music, a unit of Liberty Media that provides digital music and video to digital cable, satellite and other services, announced on Monday that it has filed for bankruptcy protection, and will be acquired by private investment firm THP Capstar for an undisclosed sum. Los Angeles-based DMX, which also secured $10 million in debtor-in-possession financing, said it would entertain better offers and expects a sale of the company to be completed within three months. "Completing the sale through a Chapter 11 filing will allow us to significantly reduce our debt and undertake an orderly transition to our new owners," said DMX Music president and CEO Mark D. Rozells. "Under THP Capstar's ownership, the business will be able to capitalize on its leading market position, proprietary technology and significant operational improvements made since 2002, while having greater access to financial resources necessary to support our future growth." DMX Music provides commercial-free digital music channels to cable and satellite TV firms, as well as to many retail stores, and to airlines for in-flight entertainment.
tags: Bankrupt | Digital Music | DMX | THP | Capstar |

Bankrupt Cable TV Firm Adelphia Expects Sale After Labor Day

Authored by Mark Hefflinger on August 6, 2004 - 3:25am.
New York -- Bankrupt cable TV operator Adelphia Communications announced on Friday that financial advisors appointed to manage the company's sale process have been in discussions with potential bidders and expect to start the sale process shortly after Labor Day. Adelphia, the nation's fifth-largest cable company, filed for Ch. 11 earlier this year after an accounting scandal involving the company's founding Rigas family led to eventual convictions on fraud and conspiracy charges. Fellow cable operators Time Warner, Comcast and Cox are reported to be the likeliest bidders for Adelphia, which claims 5 million subscribers in markets including Los Angeles.
tags: Cable TV | Adelphia | Bankrupt | Labor Day |

Bankrupt Cable TV Firm Adelphia to Seek Possible Sale of Company

Authored by Mark Hefflinger on April 22, 2004 - 3:42am.
New York -- Bankrupt cable TV operator Adelphia Communications announced on Thursday that it will explore a sale of the company in addition to a planned bankruptcy reorganization, after many shareholders voiced their opinion that creditors would gain more money through an outright sale of the company. Adelphia filed for bankruptcy in 2002 after an accounting scandal that resulted in the departure of founder and CEO John Rigas, who is now on trial on federal fraud charges. In addition to the sale and bankruptcy auction plans, Colorado-based Adelphia will also pursue approval of an $8.8 billion exit financing package, which supports a proposed plan for emergence as an independent company.
tags: Cable TV | Adelphia | Deal | Bankrupt |

Bankrupt Sonicblue Sells GoVideo Unit to Opta Systems

Authored by Mark Hefflinger on April 7, 2003 - 3:04am.
Santa Clara, Calif. -- Bankrupt consumer electronics firm Sonicblue announced on Monday that Opta Systems, an investment and development company, was the successful bidder for its GoVideo business unit. Previously, Santa Clara, Calif.-based Sonicblue said it had signed an agreement to sell GoVideo, which produces such products as a dual-deck VCR and DVD/VCR combinations, to Opta for $12.5 million. Last week, Sonicblue said a deal to sell its ReplayTV and Rio business units to a holding company operated by Japanese electronics firms Denon and Marantz had fallen though. Those units will be sold in two separate auctions on April 15.
tags: Bankrupt | Sonicblue | GoVideo | Opta |

Nasdaq to Delist Shares of Bankrupt Consumer Electronics Firm Sonicblue

Authored by Mark Hefflinger on March 31, 2003 - 3:38am.
Santa Clara, Calif. -- Consumer electronics firm Sonicblue, which makes the ReplayTV line of digital video recorders and Rio line of MP3 players, said on Friday it received notice that the Nasdaq will delist its shares on April 2 as a result of the company's filing for Ch. 11 bankruptcy protection. Santa Clara, Calif.-based Sonicblue said it will not appeal the decision. The company announced last week that it would declare bankruptcy and is seeking to sell off its ReplayTV, Rio and GoVideo businesses. Sonicblue said then it had buyers willing to acquire the assets for a combined $52.5 million.
tags: Nasdaq | Bankrupt | Electronics | Sonicblue |