Scoop to Sell Online News Unit

Irvine-based Scoop Inc. will sell its online news service today to a Nashville company for $300,000 in cash as part of its continued bankruptcy reorganization, the company said Monday.

The sale, which involves one of Scoop’s last major assets, comes three months after the company sold its reprinting business for $1.45 million, said Rand Bleimeister, company chairman and chief executive.

The company filed for bankruptcy protection in July, citing $950,000 in assets and $1.4 million in liabilities.

“We’re optimistic that we will be able to pay creditors upward of 90 cents on the dollar,” Bleimeister said.

The new owners of the subscription-based news service, Solutions Corp. of America, said they would suspend service for two weeks while moving operations. Solutions Corp. publishes business information.

Scoop was a high-flying Internet stock when it went public last year, raising $6.5 million in its initial public offering and $817,000 after underwriter Shamus Group Inc. exercised its over-allotment option.

The stock reached a high of $7 a share in May 1997 but has been delisted from Nasdaq and Monday traded over the counter at 1.5 cents.