Merisel Agrees to Give Stake to Debt Holders

Seeking to avoid bankruptcy proceedings, El Segundo-based Merisel Inc. said it agreed in principle with major debt holders on a plan that would give them 80% of the company’s equity. Merisel, one of the world’s largest computer wholesalers, said the agreement is subject to a number of conditions, including shareholder approval. The agreement was disclosed in Merisel’s delayed annual filing with the Securities and Exchange Commission. The transaction would be another retrenchment for Merisel, which has shed operations and posted a string of losses in the past few years as stepped-up competition squeezes computer wholesalers. Failing agreement, Merisel said it will file for Chapter 11 bankruptcy protection. Its stock fell 6.25 cents to close at $1.875 on Nasdaq.