Valley media calls it quits: After Chapter 11, liquidation. (Headliners).(Brief Article)(Company Profile)

Video Business, January, 2002 by Netherby, Jennifer

Beleaguered distributor Valley Media, which filed for Chapter 11 bankruptcy protection in November, will liquidate its remaining assets and shutter operations, president Lew Garrett said.

Valley, based in Woodland, Calif., is taking bids on its inventory, which it estimates is worth roughly $90 million, and on recoverable receivables valued at $90 million. According to its bankruptcy filing in U.S. Bankruptcy Court, Delaware District, the company valued its debt at $259.2 million. The bankruptcy and subsequent liquidation is expected to be complete by mid-April, Garrett said.

Garrett said the company has received bids from competitors, customers, content owners and studios. Coral Gables, Fla.-based music distributor Alliance Entertainment, which...

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