News

Sale of CCC's assets delayed

December 17, 2001

PHILADELPHIA -- A pending sale of Credit Card Center's assets has been put on hold for at least a few more days.

According to a clerk in Pennsylvania's Eastern District Bankruptcy Court, a hearing that was scheduled to take place on Aug. 24 has been continued to Sept. 5. At that hearing, Judge Kevin Carey is expected to hear proposals from at least one company interested in purchasing part of CCC's assets, XtraCash ATM of San Diego.

At an Aug. 8 hearing, 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.

The Sept. 5 hearing will "attempt to decide the best overall solution for the estate," said 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.

CCC filed for Chapter 11 on June 6. The ISO has reported that it has total assets of $57 million and total liabilities of $78 million.