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Comdisco to File Reorganization Plan by April 15

Following a number of unit sell-offs, computer services provider Comdisco Inc. has decided to run off its Comdisco Ventures portfolio over the next three years in a move to refine its proposed plan of reorganization. With that news, the Rosemont, Ill. firm also said President and Chief Operating Officer Michael A. Fazio has left the company.

The revised plan, now slated to be turned in by April 15 after the firm was awarded extensions by a bankruptcy court, will address what remains of its core IT, Healthcare and Telecom leasing assets in Europe and North America.

As far the departure of Fazio, it seems he will leave for greener pastures. He joined Comdisco as executive vice president and chief financial officer before the Company's Chapter 11 filing in July 2001. He was named president and COO in September 2001. Before joining the struggling Comdisco, Fazio had served as president and chief executive officer of Pretzel Logic Software Inc.

Norm Blake, Comdisco chairman and chief executive officer, praised Fazio's work in a public statement.

"We have made tremendous progress over the past several months, as the Comdisco board has explored a wide range of alternatives and implemented asset sales and taken other appropriate actions to provide value for our stakeholders," said Blake. "Michael Fazio played an instrumental role in this process and we greatly appreciate his many contributions. At the same time, we understand his desire to move on to new challenges at this time and wish him well."

Hurting financially, Comdisco voluntarily filed for Chapter 11 of the U.S. Bankruptcy Code in July 2001 to reorganize, and has since: sold its Availability Solutions business to SunGard; received Court approval to sell its Electronics and Laboratory & Scientific equipment leasing businesses to GE Capital's Commercial Equipment Financing unit; and received Court approval for the sale of its North American IT CAP services contracts to T-Systems Inc.

Comdisco has targeted emergence from Chapter 11 during the first half of 2002.