Wednesday, February 10, 2016

Targus Sold To Senior Lenders In Asset Deal

Anaheim-based smartphone and computer case and accessory maker Targus Group International, Inc. (TGII) has been sold to a new investor group called Targus International LLC, made of TGII's senior lenders, the companies said Tuesday. The companies said the deal came through a public foreclosure process under the Uniform Commercial Code. The companies said that there are a number of unrelated, legal entities from TGII are filing for prepackaged Chapter 11 bankruptcy. Alvarez & Marsal North America, LLC was the financial advisor to TGII, and O'Melveny & Myers LLP the legal advisor in the deal. Targus said it will continue to be located in Anaheim.