MCSi lists $181 million in assets, $155.5 million liabilities

By Carlise Newman

Chicago, June 4 - MCSi Inc., which filed for Chapter 11 bankruptcy protection Tuesday, listed assets of $181 million and liabilities of $155.5 million

MCSi's largest unsecured creditors include Sharp Electronics Corp., with trade debt claims of $1.87 million, and Hitachi America Ltd. with $1.7 million.

MCSi said Tuesday it obtained $10 million in debtor-in-possession financing.

MCSi is negotiating a restructuring plan with the lenders under its secured credit facility and expects to file a reorganization plan early this summer, the company said in a news release.

MCSi reached an interim agreement with the lenders to use cash collateral which will enable the company to fund post-petition trade and employee obligations, as well as its ongoing operating needs. To supplement the funds, the company finalized a term sheet with its existing lenders for the $10 million DIP. The company expects to finalize its cash collateral arrangements as part of the completion of the documentation of the DIP facility.

The Dayton, Oh.-based audiovisual company

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