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Ronco assets go for $6.5 million

August 03, 2007|From Bloomberg News

Ronco Corp., the bankrupt maker of the Veg-O-Matic vegetable slicer and the Pocket Fisherman, said it would sell its assets to a private equity firm for $6.5 million.

Marlin Equity Partners, the initial bidder, didn't face any competing offers by Monday's deadline, according to court documents filed Wednesday by Simi Valley-based Ronco. The sale was approved Thursday by the U.S. Bankruptcy Court in Woodland Hills.

Ronco, seller of products for "grads and dads," filed for Chapter 11 protection June 15. It listed debts of $32.7 million and assets of $13.9 million. The company said the "absence of internal sources of liquidity" to fund its turnaround forced the sale of its business.

Ronco said in a court filing that secured claims of Laurus Master Fund Ltd., which is providing bankruptcy financing, were expected to exceed $8.1 million.

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