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Circuit City Still Unsettled

RICHMOND, VA. — More than a year
after Circuit City closed, its liquidation
is still on hold. In the latest wrinkle,
a federal judge here has appointed
a mediator to devise a plan for
disbursing the chain’s assets after
the company and its creditors were
unable to reach an accord.

According to the Richmond Times-
Dispatch, a liquidation plan was filed
when Circuit City entered bankruptcy
protection in 2008, but was never
approved due to hearing delays. Last
month the company and a creditors
committee failed to agree on the plan’s
bylaws and the makeup of a group that
will disburse remaining funds, prompting
the judge to order mediation.

All parties are due back in court on
July 22 to report their progress. Meanwhile,
the professional fees continue
to mount, with payments topping $47
million through April, the newspaper