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VENTURA COUNTY REPORT / JACK SEARLES

TSL Holdings Joins With German ASI Company

April 06, 1993|JACK SEARLES

TSL Holdings Inc., a Moorpark personal computer maker that formerly was called Tandon Corp., says it has entered into "a strategic relationship" with a German computer concern, ASI GmbH.

TSL, which has filed for Chapter 11 bankruptcy protection, said ASI's managing director, Winfried Hoffman, will become the Moorpark company's president and chief operating officer. He will report to Jugi Tandon, who remains chairman and chief executive officer.

ASI will immediately start supplying its computers to TSL's European marketing arm. TSL, which has been battered by price-cutting in the PC market, says Europe accounts for about 80% of its revenues.

TSL is trying to restructure debts totaling more than $70 million owed to trade creditors. According to the company, some of the suppliers have already agreed to new payment schedules.

Callers to TSL's phone number now hear a recording that describes the company's debt negotiations and provides information about trading the firm's stock, which is worth less than $1 a share. The recording says TSL cannot return calls "because of a reduction of resources in the United States."

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