The 40-person firm that once employed a staff of 180, will ask U.S. Bankruptcy Court Judge Arthur B. Briskman on Oct. 9 to formally end its application to reorganize. A potential $3 million refinancing deal fell through after the Sept. 11 terrorist attacks in New York and Washington, DC.
World Commerce will be liquidating assets of $22.6 million in eight countries among secured creditors. Unsecured creditors are expected to realize nothing, according to information the company filed with the court. World Commerce listed liabilities of $41.45 million in is Chapter 11 filing.
Among the unsecured creditors listed in the petition are Answerthink Consulting of Miami, $4 million; J2 Technologies of Dallas, $3.2 million; and the Orlando law office of Miami-based Greenberg, Traurig, $386,181.
The primary secured creditor is Interprise Technology Partners, a venture capital firm in Miami. World Commerce has spent an estimated $50 million in total venture capital since 1998, according to court-filed documents.
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