Comdisco Sells Healthcare Assets For $165M

Bankrupt technology and finance firm Comdisco Inc. Thursday said it has agreed to sell its U.S. health-care leasing assets to GE Capital for $165 million, as it aims to emerge from bankruptcy by late summer.

The company, which entered Chapter 11 bankruptcy in July, 2001, said a bankruptcy court would have to approve the sale at an April 18 hearing in Illinois. The sale to GE Capital also means Comdisco transfers $45 million in debt to the General Electric Co. unit.

In February, the company won court approval to extend its deadline to file a reorganization plan under Chapter 11. During the extension period, Comdisco management rather than creditors, has exclusive control over filing a restructuring plan. The company said it expects to file a plan by April 15 and ask for creditor acceptance by June 15.

The company has targeted emergence from Chapter 11 during late summer 2002.

Comdisco shares closed Wednesday at 33 cents on the New York Stock Exchange, near the bottom of a 52-week range of $7.90 to 27 cents.

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