Wang's reorganization plan would let company leave Chapter 11 by Sept. 30
Article Abstract:
Wang Laboratories Inc, which filed for Chapter 11 bankruptcy protection in Aug 1992, files a reorganization plan under which it would exit bankruptcy court by Sep 30, 1993. Under the plan, secured creditors would receive the full $50 million they are owed, while unsecured creditors, who hold between $700 million and $900 million in Wang debts, would receive 30 million new shares of stock. Current holders of Class B and Class C common stock would receive 93-month warrants for new stocks that would give them as much as a 20 percent stake in Wang, assuming that unsecured creditors have recovered all but 5 percent of their claims. Employees would receive as much as one-eighth of the new Wang stock in an incentive program. The reorganized firm would be worth $375 million, with $90 million in debt. Wang would also appoint a new nine-member board, including Chairman, President and CEO Joseph M. Tucci.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1993
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Digital sees current period ending in loss
Article Abstract:
DEC is reporting a loss for the 2nd qtr ending December 28, 1991, the first loss in the company's history that was not the result of restructuring. DEC is the second largest computer manufacturer in the nation, but it too has been hit by the recession. Up until recently, European sales had carried the company when domestic sales were down, but revenues have been slowing abroad as well. The loss is estimated at $76 million or 60 cents a share. The news of the loss sent Digital's stock down $4.75 to $51.75 in heavy trading on the New York Stock Exchange. While the company has posted losses before, these were always the result of restructuring or some other charges. The company intends to ship a line of more powerful VAX products during the third qtr ending March 28, 1992. Despite the loss, the company has $2 billion cash and feel it can weather the bad times.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1991
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Profit of Digital Equipment fell 83% in quarter
Article Abstract:
Digital Equipment Corp announces that its 1st qtr 1991 earnings are down 83 percent from the same period a year ago. The lower earnings reflect the tough times facing the minicomputer industry, but the results are nonetheless better than what most analysts expected. The stock market reacted to the not-as-bad-as-expected news by sending DEC's stock up $4.25 to close at $51. The firm reports net income for the quarter of $26.2 million on revenue of $3.09 billion, compared with year previous income of $150.8 million on revenue of $3.13 billion. Analysts say DEC may have hit bottom, but they do not expect the firm to start showing impressive profits for several more quarters until it is able to reduce costs.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1990
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- Abstracts: Wang Labs plans more layoffs in wake of plan to sell computers made by IBM. Wang Labs to reduce work force 8%, take $30 million charge in 2nd period
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