BRIEF: Circuit City testimony on hold; hearing postponed

Tue. March 03, 2009; Posted: 03:15 AM

Mar 03, 2009 (Richmond Times-Dispatch - McClatchy-Tribune Information Services via COMTEX) -- CC | Quote | Chart | News | PowerRating -- Circuit City Stores Inc. officials won't testify before a House Judiciary panel this morning.

The hearing before the House Subcommittee on Commercial and Administrative Law was postponed because of weather. The hearing has not been rescheduled.

The subcommittee is looking into how changes to federal bankruptcy law in 2005 have affected the abilities of companies to restructure and emerge from bankruptcy protection.

Circuit City officials were asked to discuss what happened during its bankruptcy case.

The retailer filed for Chapter 11 bankruptcy protection in November but now is in the process of shutting down the chain.

Rep. J. Randy Forbes, R-4th, a subcommittee member, said last week that he looked forward to hearing if the bankruptcy code made it more difficult for the chain to survive.

"We have to see if the bankruptcy code had any impact on the process. One of the things [to remember] is that Circuit City was already having financial troubles," Forbes said.

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Contact Louis Llovio at (804) 649-6348 or LLLovio@timesdispatch.com.

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