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April 18, 1997updated 05 Sep 2016 1:01pm


By CBR Staff Writer

Ravaged El Segundo, California-based distributor Merisel Inc reached agreement in principle with major debt holders in its debt-for-equity swap plan to give the debtholders 80% of the company’s inflated equity. Merisel hopes to avoid going into Chapter 11 bankruptcy proceedings as a result of the plan, and has agreement with holders of 75% of the company’s $125m of 12.5% senior notes, but that is subject to a number of conditions, including present shareholder approval.

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