Amadeusz Juskowiak

Commercial credit ccc to have gain on sale

Commercial Credit Co said it has completed the sale of its domestic vehicle leasing unit McCullagh Leasing Inc the New England Merchants Leasing Corp for an aftertax gain of 17 mln dlrs

Commercial Credit said it received 68 mln dlrs and the repayment of 250 mln dlrs in debt for McCullagh It said its Canadian vehicle leasing unit Commercial Credit Corp Ltd will also be sold to New England Merchants with closing expected in March subject to Canadian regulatory approval