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As we expected they might (CI No 3,233), Merisel Inc’s 12.5% noteholders have decided not to extend the agreement on the computer distributor’s financial restructuring. Consequently, Merisel has indefinitely postponed the shareholder’s meeting scheduled for today, at which restructuring decisions were to be discussed. All this means that the current agreement with the noteholders expires on Friday and Merisel will have to resume paying interest on the notes and make amortization payments of $40m. Merisel had previously scraped together cash reserves of $48m just in case of this scenario.

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CBR Staff Writer

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