Through a full acquisition of assets, we were able to provide CompUSA and its creditors with an exit strategy outside of bankruptcy, with creditors receiving a cash return higher and prompter than expected. CompUSA was a major North American retailer and reseller of consumer electronics, technology products and computer services and was a wholly owned subsidiary of Carlos Slim’s Grupo Carso SA.
Over a 15 week period, we disposed of over $500 million of retail inventory and fixed assets via 103 store closing sales, including lease terminations, throughout the United States and Puerto Rico. As part of the project, we settled over 1,000 creditors’ claims, representing $700 million worth of secured and unsecured debt. By avoiding bankruptcy, 100% of the company’s unsecured creditors received a cash return in excess of their expectations.