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Cerplex to Liquidate Assets:

February 01, 2001|Bloomberg News

Computer repair provider Cerplex Group Inc., which filed for Chapter 11 bankruptcy reorganization last year to facilitate sale of its subsidiaries, said it will convert to Chapter 7 and liquidate its assets. The Irvine-based company filed for Chapter 11 protection in U.S. Bankruptcy Court in Delaware in July, citing more than $10 million in assets and about $40 million in debts, after a U.S. unit of Dutch rival Teleplan International said it would buy the Cerplex units. Earlier, holders of some of Cerplex's $10 million in 7.75% convertible debentures had filed an involuntary bankruptcy petition against the company. Shares of Cerplex, which reported $93.3 million in 1999 sales, last traded over the counter Monday at 1 cent. The shares rose to a 52-week high of $1.03 a year ago and peaked at $15.75 in 1994 after an $11-per-share initial public offering.

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