Merisel Delays Vote on Restructuring Plan

El Segundo-based Merisel Inc. said it delayed a shareholder vote on a plan to restructure $125 million in debt at the struggling computer-equipment distributor to give investors more time to consider their options. Shareholders were scheduled to meet Friday to consider a proposal from Merisel’s debt holders to exchange the 12.5% senior notes for 80% of the company’s common stock. The meeting is now set for Sept. 18. Rescheduling the meeting could cost Merisel up to $48 million in debt payments. The company has an agreement with debt holders that calls for it to hold a shareholder vote on the restructuring plan by Aug. 31. Missing the deadline would nullify that agreement, and Merisel would have to resume payment of interest on the notes and make amortization payments totaling $40 million on debts from its operating subsidiaries. Merisel said it asked for a waiver of the agreement but has no assurance it will be granted. The company earned $3.18 million, or 11 cents a share, on sales of $2.01 billion in the first half of 1997, following losses of $140.4 million in 1996 and $83.9 million in 1996. Merisel shares fell 13 cents to close at $3 in Nasdaq trading.