Utilities Object to Tweeter Estate’s Payment Plan
A group of local energy utilities is objecting to a payment plan proposed by the estate of bankrupt retailer Tweeter.
According to Portfolio Media’s blog EnergyLaw360.com, the five utilities objected to the Tweeter estate’s proposal to provide a two-month security deposit to ensure future payment. The utilities filed an official objection in court disputing the motion.
The utility companies involved include the Atlantic City Electric Co., Baltimore Gas and Electric Co., Delmarva Power & Light Co., Florida Power & Light Co. and Potomac Electric Power Co.
After Tweeter was purchased out of bankruptcy court by Schulze Asset Management in July for $38 million, the company became known as Tweeter Newco, and CEO Joe McGuire vowed to emphasize custom installation, as well as further emphasize the “CE Playground” store concept. The company’s former estate, which still goes by the name Tweeter Home Entertainment Group, exists as a separate entity from Tweeter Newco.