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COMMODORE International - a pioneer of the personal computer industry - said on Friday that it was going into voluntary liquidation, while its Commodore Electronics Ltd subsidiary sought court protection. David Pleasance, joint managing director of Commodore Business Machines UK Ltd, said that, like Chapter 11 of the US bankruptcy code, this provides protection from creditors, "but in the Bahamas".
On Tuesday, Pleasance said that the UK company was continuing to trade normally, and that Commodore was "close to securing an investor to purchase a majority of the company". He expected the subsidiaries in the UK, Germany, Italy and Scandinavia - between them, responsible for most Commodore sales - to emerge "largely intact". Some overseas sales subsidiaries had already been liquidated. Pleasance said these financial moves were better than the uncertainty that had been in the air over the last few...