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.
Copyright 2002 Reuters Limited. All rights reserved.
Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters.
Reuters shall be not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
|
Five Companies That Dropped The Ball This Week For the week ending Feb. 10, CRN looks at five companies that were either asleep at the wheel or just didn't make good decisions. |
|
Five Companies That Came To Win This Week For the week ending Feb. 10, CRN looks at five companies that brought their 'A' game and made moves to beat out competitors |
|
10 Challenges That HP Wants Partners To Tackle Right Now CRN speaks with HP's business unit chiefs to get a sense of where they'd like partners to focus in the coming year, as well as how CEO Meg Whitman is making a difference. |
 More
Slide Shows |
