twice connect

Court Approves Wiz Liquidation

5/31/2005 02:46:00 PM Eastern

Wilmington, Del. — More than two years after The Wiz went belly-up, a federal bankruptcy court here has signed off on the defunct CE chain’s Chapter 11 liquidation plan.

The plan calls for TW Inc., which operated the New York metro area retailer, to distribute approximately $20 million in cash among unsecured creditors and to pay assorted bankruptcy bills.

TW has also set aside $2.5 million to fund litigation by creditors against The Wiz’s former corporate parent Cablevision Systems. The suit, which is one of several ongoing actions, alleges that the cable operator allowed the chain to languish while promoting its broadcasting, broadband and entertainment products in stores, and that it mislead vendors about The Wiz’s dire financial straits.

Meanwhile, other claimants include GBO Electronics Acquisition, the liquidation entity formed by Gordon Brothers Group and the Ozer Group which acquired The Wiz from Cablevision, and a creditor group which is challenging payments made to other creditors while the chain was insolvent.

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