San Francisco-based PLM International Inc has completed the sale of its trailer leasing operations to Marubeni America Corp for $70 million in cash. The company used $5.9 million of these proceeds to retire its senior debt. Marubeni also has assumed $48.6 million in debt and other liabilities of PLM.
Robert N Tidball has stepped down as PLM president and chief executive officer, but will continue as non-executive chairman of the board of directors. The board has selected Stephen M Bess as new president and CEO and has named him a board member. It also has appointed Pamela Clark-Barquinero vice-president of human resources for the company, to replace Robin L Austin, who is retiring.
The board adopted a plan of partial liquidation of PLM and authorized a partial liquidating distribution of $5 per share to its shareholders, subject to waiver by company lenders of certain loan covenants. The record date will be set and the distribution will be made after company compliance with lenders' requirements and receipt of waivers.
