Bidz.com announced Wednesday the appointment of Peter G. Hanelt to the position of chairman of its board of directors effective April 2nd. David Zinberg will continue to serve on the company’s board and remain chief executive officer. Hanelt has served as an independent director of the company’s board & chair of the audit committee chair since March 2006.

The company also announced that effective April 2nd, it has terminated its credit line with Bank of America, and that as of March 31st, it has cash and cash equivalents in excess of $6 million and no debt.

JCK