A major North American phone repair and remarketing company has received court approval to restructure its debt, allowing it to come out of bankruptcy in the coming days, E-Scrap News reported. Illinois-headquartered 4L Holdings, the parent company for Clover Wireless, filed for chapter 11 bankruptcy in December. The filing provides insight into the company’s business partners, including some large and recognizable companies: HP, Uber, Samsung, Batteries Plus, Blackberry and others. It also showed 4L Holdings estimates it has up to $50,000 in assets and between $500 million and $1 billion in liabilities. Doing business as Clover Technologies Group, 4L Holdings used to own Clover Imaging, a large printer cartridge remanufacturing and printer parts company. But with Clover Technologies Group struggling under a heavy debt load, it sold Clover Imaging in December, using money from the sale to help pay down debt. After selling the printer cartridge business, 4L Holdings filed for Chapter 11 bankruptcy, seeking to restructure its debt, including converting debt to equity. According to a Jan. 22 press release, the bankruptcy court approved its repackaging plan of reorganization, “paving the way for the reorganized company to successfully emerge from Chapter 11 in the coming days.” Clover Technologies Group also recently acquired Teleplan International, a Netherlands-based provider of electronics supply chain services (Teleplan was not included in the bankruptcy filing).
