The death knell has sounded for Comdisco. The Illinois-based technology services company expects to emerge from bankruptcy within the next two months, when it will begin selling off the remainder of its assets, according to spokeswoman Mary Moster.
Moster said it would take about three years to complete the transactions. "At the end of that time, there probably will not be a Comdisco," she said.
In a statement, the company said that 90 per cent of the net proceeds from the sale as well as cash on hand will be used to pay off creditors. Shareholders will recover between 3 and 37 per cent of their investments, the company added.
Comdisco said it had reached an agreement with its Official Committee of Unsecured Creditors and its Equity Committee on its reorganisation plan. Voting on the plan begins this week and concludes on July 19.
Last week, Comdisco, which filed for bankruptcy last July, announced that it had completed the sale of its US healthcare leasing assets to GE Capital's Healthcare Financial Services unit, the financial services unit of General Electric, for approximately $US117 million.
In April, Comdisco completed the sale of its electronics and laboratory and scientific leasing businesses to GE Capital's Commercial Equipment Financing unit for $US665 million. In November, Comdisco sold its disaster recovery business to SunGard Data Systems for $US825 million.