Comdisco has emerged from Chapter 11 bankruptcy protection after formulating a plan to sell its remaining assets over the next three years. The company’s reorganization plans won approval from the bankruptcy courts after 98% of creditors and shareholders agreed to the plan. Comdisco will now be known as Comdisco Holding Co.. The new company plans to make its first payment to creditors before the end of September.
Comdisco Holding wants to sell three of its primary subsidiaries in order to raise more cash. The company’s plans to sell its Comdisco Leasing, Comdisco Europe Holding and Comdisco Ventures subsidiaries. Comdisco Holding is hoping that the money raised from selling its subsidiaries will cover around 90% of the money the company owes its creditors. The company has already raised $1.7 billion from the sale of some of its other business units.
Comdisco originally filed for Chapter 11 in July 2001 with debts in the region of $6.7 billion.