Technology services company Comdisco Inc. said it has completed a bankruptcy court-supervised sales evaluation and has decided to keep its remaining three leasing businesses, North American IT Leasing, Telecommunications and Healthcare.
Rosemont, Ill.-based Comdisco also said it intends to file its reorganization plan by March 15.
The decision to keep the three leasing units was made after Tyco Capital Corp., the troubled financial arm of Bermuda-based Tyco International Ltd., cut off talks to acquire Comdisco's North American IT Leasing business at the eleventh hour, after it had submitted the highest or otherwise best bid for the unit, Comdisco said in a statement.
Comdisco filed for bankruptcy protection in July. The company received bids for all of its business units during a court-supervised auction that ended in December. All of those bids were to remain open until Jan. 31. New York-based Tyco Capital backed away from the deal on the evening of Jan. 31, Comdisco said.
A Tyco spokeswoman said this morning she had no information on the company's decision to back out of the deal.
Comdisco's board determined that no other bids for the leasing units were acceptable. Comdisco couldn't be reached for further comment.
Comdisco also said it had reached an agreement to sell its North American IT CAP Services contracts to T-Systems Inc., an IT and network infrastructure management company in Lisle, Ill., for about $6.8 million, plus consideration for future business with those accounts. The sale is subject to approval by the U.S. Bankruptcy Court for the Northern District of Illinois. If approved, the deal is expected to close no later than Feb. 28.
Last month, the court approved the sale of Comdisco's electronics and laboratory and scientific leasing businesses to Stamford, Conn.-based GE Capital's Commercial Equipment Financing, the financial services division of General Electric Co., for US$665 million, which includes $250 million in debt that will be assumed by GE. The sale is expected to close no later than March 31.