Merisel will pay $40 million to a group of shareholders in order to go ahead with its preferred restructuring deal with an investment company.
The distributor said it will fulfill its debt obligations to noteholders on 19 September, after failing to agree terms with the group, which favoured another plan and began legal action. Merisel had agreed a plan with shareholders, the group?s lawsuit said, before dropping that idea in favour of a deal with investment company Stonington Partners. Merisel?s obligations involve paying off and terminating its agreements with the shareholder group and paying interest to them.
The group and Merisel were to negotiate terms until 19 September, but the group said it will not hold back its action or negotiate beyond that date, leading Merisel to decide to pay up. The group, the Merisel Ad Hoc Noteholders? Committee, was set to gain a large interest in Merisel as a result of its plan to help the distributor out of debt.
The group could still contest Merisel?s payment decision in court but the company believes its payments will cover its responsibilities to them.
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