According to an article on The Book Standard Website, Musicland Group is asking its creditors to defer payment on 40-50% of its payables for three years, receiving either a note or preferred stock in return. This comes in the wake of the announcement that the company plans to shut down its Media Play division (see 'RIP Media Play') by late January. The company is also planning to ask for rent concessions on space for 110 money-losing Sam Goody and Suncoast locations next year, according to the article, and will close those for which it is unable to reduce its costs. The deferred payables would free up $125 million in cash for the company; the owners also plan to raise $50 million in new equity to help recapitalize the company.
To Assist Restructuring
Posted by ICv2 on December 15, 2005 @ 11:00 pm CT

MORE NEWS
New Garden-building Game by Rebel Studio
April 18, 2025
Asmodee will release Pergola , a new garden-building game.
New Booster Set Based on the Comics Anthology
April 18, 2025
WizKids will release Strange Tales , a new booster set for Marvel HeroClix , which will hit retail.
MORE COMICS
Announced at Star Wars Celebration Japan 2025
April 18, 2025
The projects were announced at the Manga Mania panel at Star Wars Celebration.
From Dark Horse Comics
April 18, 2025
Here's a preview of Star Wars: The High Republic Adventures Phase III – The Battle of Eriadu, published by Dark Horse Comics.