Tandon Corp, Moorpark, California is seeking a meeting with its major trade creditors at the end of January to discuss a possible restructuring of its debt, which it says is the only way to avert a Chapter 11 bankruptcy filing. The personal computer manufacturer has now said it has withdrawn from the US market, apart […]
Tandon Corp, Moorpark, California is seeking a meeting with its major trade creditors at the end of January to discuss a possible restructuring of its debt, which it says is the only way to avert a Chapter 11 bankruptcy filing. The personal computer manufacturer has now said it has withdrawn from the US market, apart from mail order sales via its PC Brand Inc subsidiary. It reckons that it has done its bit by moving to reduce operating expenses in the US and concentrating on Europe, which has historically accounted for about 80% of its sales. Tandon notes that whether creditor discussions result in a debt restructuring or a Chapter 11 filing, only the debt of its US parent company – now essentially a holding company to be renamed TSL Holdings Inc – will be affected. Tandon does not expect daily business activities of its European and other subsidiaries to be affected by the outcome. They will continue to operate essentially independently, buying from and paying their vendors directly.
