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February 13, 2016 9:52 PM ET

Specialty Retail

Company Overview of Tweeter Home Entertainment Group, Inc.

Company Overview

On October 31, 2014, Tweeter Home Entertainment Group, Inc. went out of business as per its Chapter 11 liquidation filing under bankruptcy. Tweeter Home Entertainment Group, Inc., together with its subsidiaries, retails specialty consumer electronics in the United States. It provides audio and video solutions for the home and mobile environment. The company sells audio, video, entertainment, and mobile consumer electronics products through a chain of retail stores. Its stores feature a selection of home and mobile audio and video products, including HDTV plasma, LCD and rear-projection television sets, home theater video and audio solutions, home theater furniture, DVD players and recorders,...

40 Pequot Way

Canton, MA 02021

United States

Founded in 1972

3,200 Employees

Phone:

781-830-3000

Fax:

781-830-3223

Key Executives for Tweeter Home Entertainment Group, Inc.

Tweeter Home Entertainment Group, Inc. does not have any Key Executives recorded.

Tweeter Home Entertainment Group, Inc. Key Developments

First Amended Liquidation Plan Approved for Tweeter Home Entertainment Group, Inc.

The US Bankruptcy Court approved the first amended plan of liquidation of Tweeter Home Entertainment Group, Inc. on October 23, 2014. As per the approved plan, administrative claims of $0.45 million, professional claims of $0.42 million, priority tax claims of $1.9 million and DIP claims will be paid full in cash. Miscellaneous Secured of $0.04 million will be paid full in cash. Debtor believes there are no such claims. Non-Tax Priority Claims of $0.20 million will be paid full in cash. General Unsecured Claims of $104 million with a recovery between 0.28% - 0.76%, will receive pro-rata share of final unsecured distribution account. Intercompany Claims shall not receive any distribution under the plan. Subordinated 510(c) Claims and Subordinated 510(b) Claims shall be eliminated and will not get any distribution under the plan. Interests will be cancelled and holders will not receive any distribution under the plan. The plan will be funded through sale of remaining assets.

First Amended Liquidation Plan & Related Disclosure Statement Filed by Tweeter Home Entertainment Group Inc.

Tweeter Home Entertainment Group Inc. filed first amended plan of liquidation and its related disclosure statement in the US Bankruptcy Court on July 16, 2014. As per the amended plan, Miscellaneous Secured Claims has been estimated to be $0.04 million. Claimant will be paid 100% of the claim in cash. Non-Tax Priority Claims has been estimated to be $0.20 million. General Unsecured Claims has been revised to $104 million with a recovery between 0.28% - 0.76%. Convenience Claims class has been omitted from the plan. Treatment of all the class of claims remain same as per the previous plan. Tweeter Home Entertainment Group Inc. filed a modification to the plan of liquidation with related disclosure statement in the US Bankruptcy Court on August 18, 2014. As per the modified plan filed, Administrative Claims will be allowed in amount of $0.45 million, Priority Tax Claims will be allowed in amount of $1.9 million, and Professional Claims will be allowed in amount of $0.42 million. The treatment of all the classes of claims remains the same.

SEC Revokes Registration Of Registered Securities Of Tweeter Home Entertainment Group

An Administrative Law Judge has issued an Initial Decision of Default as to Tweeter Home Entertainment Group, Inc. The Initial Decision found that the company was issuer of securities registered pursuant to Section 12(g) of the Securities Exchange Act of 1934 (Exchange Act), and the company failed to comply with Section 13(a) of the Exchange Act and Exchange Act Rules 13a-1 and/or 13a-13 by not filing required periodic reports with the Securities and Exchange Commission (SEC). The Initial Decision finds these allegations to be true and revokes the registration of each class of the company’s registered securities, pursuant to Section 12(j) of the Securities Exchange Act of 1934.

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