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AMT
News
October
10, 2001
Press Release
SOURCE: Comdisco Acquisition Group
Management
Group Plans To Submit Bid To Buy Comdisco
IT Leasing Business
Management
Team Wants to Keep Company in Chicagoland
area.
CHICAGO,
Oct. 10 /PRNewswire/ -- A group of current
and former employees of Comdisco Inc. announced
today that on October 29th, 2001, they plan
to bid for the Comdisco IT Leasing business.
On July 16, 2001, Comdisco, Inc. and 50
domestic U.S. subsidiaries filed voluntary
petitions for relief under Chapter 11 of
the U.S. Bankruptcy Code in the U.S. Bankruptcy
Court for the Northern District of Illinois.
Representatives of Comdisco have stated
that "the filing allows the company to provide
for an orderly sale of some of its businesses,
while resolving short-term liquidity issues"
The
Comdisco Acquisition Group is being led
by former Chairman of the Board, President
and CEO of Comdisco Jack Slevin, assisted
by current and former employees of Comdisco.
The management team has engaged AMT Capital
Partners of New York to act as its advisor.
The team feels that the best possible outcome
for the company, employees and customers
is our proposal and bid for the management
to buy out the IT Leasing business, which
has been the flagship of Comdisco for 30
years.
The
team involves existing management and prior
employees lead by former, CEO Jack Slevin.
Mr. Slevin with his 24 years of experience
with Comdisco says "I feel its important
to focus on the core assets and competencies
of the business, maintaining senior members
of the current management team and it's
dedicated employees working in the Chicago
area and throughout the U.S." In addition,
Mr. Slevin added "Our people and Comdisco's
independence are and have always been our
greatest asset along with our outstanding
customer relationships and I have been tremendously
proud of everything we have achieved in
the past and I am confident we can do it
again." We also expect that virtually all
members of the IT Leasing Group management
team will remain with the Company in Chicago
following the acquisition. We hold the team
in high regard and feel that they have done
a great job during a difficult period where
the capital structure the Company had inherited
created a need to restructure its balance
sheet through a Chapter 11 filing."
The
court approved bidding procedures for the
sale of the IT Leasing business on August
9th, 2001. The "bid deadline" for the IT
Leasing business was set for September 30th,
2001, but was extended to Monday, October
29, 2001.The auction date will be Thursday,
November 8, 2001, and the sale hearing date
will be Thursday, November 15, 2001. This
transaction is still subject to the higher
or otherwise better offers in a court-approved
bidding process.
About
AMT Capital Partners, LLC.
AMT
Capital Partners, LLC is a private equity
investment banking firm providing conventional,
specialty and dedicated financial services
to a broad client base of both private and
public growth companies..
For
further information please contact:
Steve
Wasserman or the team at AMT Capital at,
email: info@amtcap.com
phone: 1-800-519-0533 or 212-877-1588
website: www.amtcap.com
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