News

CCC sale of assets continued to Sept. 20

December 10, 2001

PHILADELPHIA -- The much-anticipated sale of Credit Card Center's assets has been postponed again.

According to a clerk in Pennsylvania's Eastern District Bankruptcy Court, a hearing that was originally scheduled to take place on Aug. 24 will now take place on Sept. 20. The hearing has already been continued twice, to Sept. 5 and then to Sept. 13.

According to Kitt Turner, an attorney with Eckert Seamans Cherin & Mellott, LLC, the Pittsburgh-based firm representing the Unsecured Creditors Committee in the Chapter 11 bankruptcy case, the San Diego firm of XtraCash ATM emerged as the leading contender to acquire at least part of CCC's assets following an Aug. 8 hearing during CCC expressed its desire to move forward with XtraCash's bid.

Two other companies, TRM Corporation and E*Trade ATM, both of Portland, Ore., also have expressed interest in CCC's assets, Turner said.

CCC filed for Chapter 11 bankruptcy protection on June 6. The ISO reported that it has total assets of $57 million and total liabilities of $78 million. Among its leading creditors are ATM manufacturers NCR and Tidel.