TSL Subsidiary Files for Bankruptcy Protection
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TSL Holdings Inc., the troubled Moorpark personal computer maker that was formerly called Tandon Corp., says its German subsidiary has become illiquid and has filed for bankruptcy protection.
TSL itself filed a Chapter 11 bankruptcy petition in March, saying it was seeking to restructure debts of more than $70 million owed to trade creditors. The company has been hit hard by price-cutting in the PC market.
In announcing the action by its German unit, TSL also said it is negotiating with an investor group from the Far East for the possible sale of TSL’s Asia/Pacific distribution operations.
TSL, which sells most of its computers in Europe, has eliminated most of its U. S. operations.
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