TELESPHERE ASSET SALE CONCLUDED
TELESPHERE ASSET SALE CONCLUDED ROCKVILLE, Md., Nov. 8 /PRNewswire/ -- Telesphere Communications,
Inc., announced that it had concluded the previously announced sale of its operating assets. As authorized by the Federal Bankruptcy Court, the assets were sold to R. Haan Ventures, Inc., for $17 million, including $3 million previously advanced to the company and $14 million paid at closing.
The purchaser has up to 90 days in which to elect to request assignment to it of executory contracts and unexpired leases to which the company is party. The purchaser will be able to seek reimbursement for the bankrupt estate for any payment it makes to cure post-petition defaults under those contracts. Since the aggregate claims of creditors against the company are estimated to exceed the company's assets by more than $100 million, it is not expected that the shareholders will receive any payment in an eventual liquidation of the company. An involuntary bankruptcy petition was filed against the company on Aug. 19, 1991, under Chapter 7 of the Federal Bankruptcy Code. On Sept. 11, 1991, the company converted the case to a voluntary proceeding under Chapter 11 and its subsidiaries also filed Chapter 11 petitions. The company's common stock ceased to be listed on the American Exchange on Oct. 25, 1991. -0- 11/8/91 /CONTACT: Katherine Clifford of Telesphere Communications, Inc., 301-230-8370/ CO: Telesphere Communications, Inc. ST: Maryland IN: TLS SU: BCY SB-MK -- DC007 -- 2569 11/08/91 11:48 EST
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|Date:||Nov 8, 1991|
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