Moorpark, California-based TSL Holdings Inc, the new name for the holding company for Tandon Corp, is now buying in personal computers. It has gone to German manufacturer ASI GmbH, and ASI will now supply prod-ucts to the Tandon sales and marketing subsidiaries in Europe. ASI’s managing director, Winfried Hoffman will become president and chief operating officer of TSL Holdings, reporting to Jugi Tandon, chairman and chief executive. TSL filed Chapter 11 bankruptcy papers last month (CI No 2,123) with more than $108m in total liabilities reported as of September 1992. Trade creditors, including Western Digital Corp, Seagate Technology Inc, Microsoft Corp, IBM Corp, Conner Peripherals Inc and Quantum Corp, have been operating as an unofficial creditors’ committee and are expected to become members of the Official Committee. TSL Holdings reached pre-negotiated agreement in principle with some of its major creditors to restructure its debt in a deal expected to result in an exchange of existing debt for a combination of new equity and long-term debt, and the agreement was reached in recognition that it would make the Chapter 11 filing; Europe accounts for some 80% of sales.
