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ORLANDO-World Commerce Online, a seven-year-old, locally based firm with a vision of becoming a global marketer in the cut flowers and food perishables industries, is withdrawing its Chapter 11 petition to reorganize. Instead, the company is closing the doors of its leased 40,000-sf plant near Orlando International Airport.

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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