Commercial Financial Services announced last week it will completely shut down all operations after the firm's asset-backed creditors said no to an eleventh-hour request for a cheaper purchase price from prospective buyer Worldwide Asset Management.

Atlanta-based Worldwide had agreed to purchase the bankrupt firm for $16.5 million, but then sought to revise its offer and change the economic terms of the servicing agreement it had previously worked out with CFS. The committee formed by the holders of $1.6 billion of CFS's outstanding asset-backed debt rejected the new terms, forcing interim CFS president and restructuring head Fred Caruso to announce that all operations would close at the Tulsa-based company effective June 23.

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