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SLI Inc., Canton, Mass., said it has withdrawn requests it made to the United States Bankruptcy Court to approve the sale of the company's General Lighting and Miniature Lighting businesses.
The company has been operating under Chapter 11 protection since September 2002.
As previously reported (see March 7 issue of EM), SLI said it planned to sell its General Lighting division to a corporation controlled by Frank M. Ward, its chairman and chief executive officer. In addition, the company had said it would sell its Miniature Lighting division to M Capital LLC, a New York-based private equity fund.
The company also announced that a “substantial portion” of its secured debt was recently acquired by funds advised by DDJ Capital, a Wellesley, Mass., investment adviser. It had reached an agreement in principle with its lenders and unsecured creditors regarding its reorganization and emergency from Chapter 11. The company said it expected to file a formal plan of reorganization with the United States Bankruptcy Court in Wilmington, Del.