Judge OKs Sale of Company in Benton Bankruptcy Proceeding
DENVER (AP) _ A federal judge has approved the sale of one of the largest companies owned by uranium trader Oren Benton, who filed for bankruptcy protection in February.
Judge Charles Matheson on Thursday approved the sale of San Diego-based TV/Com International, which makes cable-television converter boxes, after Benton’s creditors dropped their objections.
The sale of TV/Com to Hyundai Electronics will raise about $13.5 million. Much of that will pay for the Denver businessman’s legal bills, which already top $500,000.
Benton owner of Nuexco Trading Corp. and once the world’s largest uranium trader, cited $400 million to $500 million in debt when he filed for protection for his companies under Chapter 11 of the U.S. Bankruptcy Code.
Benton blamed his financial problems on investments he made with $408 million he took from from Nuexco. The Chapter 11 filing frees Benton’s companies from the threat of creditors’ lawsuits while he works out a plan to repay them.
Benton’s other companies involved in the bankruptcy proceedings include Concord Financial Services Inc., Energy Fuels Ltd. and Energy Fuels Exploration Co.
Benton also has a 23 percent stake in the Colorado Rockies.