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Technology Stocks : Comdisco, Inc. (NYSE: CDO)
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To: Glenn Petersen who wrote (672)6/14/2001 9:49:35 AM
From: Glenn Petersen  Read Replies (1) of 689
 
GE Capital in talks on Comdisco lease assets-paper


NEW YORK, June 12 (Reuters) - GE Capital, the financial arm of conglomerate General Electric Co. <GE.N>, is in talks with information technology services provider Comdisco Inc. <CDO.N> to take over Comdisco's $5 billion leasing portfolio, the Financial Times reported in its online edition on Tuesday.

Quoting people close to the negotiations, the London-based Financial Times said that GE Capital was interested in taking over Comdisco's portfolio of telecoms, electronics and computer leases, but said the company had no interest in taking over all of Comdisco.

Officials at the two companies were not immediately available for comment.

The FT said that a deal would involve the break-up of Comdisco. It quoted sources as saying that they expect Comdisco to file for Chapter 11 bankruptcy protection before it can complete a break-up. It said that Comdisco faces a series of large debt repayment deadlines before the end of the year and has said it will have difficulty making those payments unless it can sell assets. The FT report said Comdisco's investments in the telecommunications and Internet sectors had saddled its with debts of around $5.85 billion.

In April, Rosemont, Ill.-based Comdisco said it had hired advisers to assist it with strategic options and decided to draw down about $880 million from its loan facilities to retire commercial paper obligations as they come due.

Just last week troubled finance company Finova Group Inc. and its creditors rejected a bailout bid from New York-based GE Capital, favoring a rival offer led by billionaire investor Warren Buffett.

20:53 06-12-01
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