Wang is all set to try again; a former giant computer maker quits hardware
Article Abstract:
Wang Laboratories Inc goes before federal bankruptcy Judge William C. Hillman the week of Sep 20, 1993, to gain approval for a reorganization plan that will allow it to emerge from Chapter 11 bankruptcy protection. The once thriving minicomputer company, which peaked at $3 billion in annual revenues and a workforce of 32,000 in 1988, would be transformed into a $1 billion software and systems integration company with 6,000 workers, only 60 of them involved in manufacturing hardware. Under the plan, Wang's creditors agree to accept stock in the reorganized company in lieu of the nearly $500 million that the old Wang owed them. Steinhardt Management Co would also purchase $60 million in preferred stock and warrants to increase the new Wang's capital, while existing small shareholders would find worthless paper on their hands. Industry analysts are enthusiastic about Wang's new business strategy, which involves migrating Wang imaging and office-automation software to IBM and HP RISC workstations.
Publication Name: The New York Times
Subject: News, opinion and commentary
ISSN: 0362-4331
Year: 1993
User Contributions:
Comment about this article or add new information about this topic:
Saving Wang, a challenge even for superman
Article Abstract:
Wang Laboratories Inc's Chmn and CEO Richard W. Miller has successfully helped several failing companies, but his efforts were not enough to save Wang from declaring bankruptcy. Several analysts believe Wang was already too far gone when Miller joined Wang in 1989. Originally, Miller acted under the guidance of founder and Chmn An Wang. Miller's initial strategy seemed to work as he laid off thousands of workers, reduced debt and made negotiations with other major computer companies including IBM. Some critics believe his decision to sell the AS/400 in addition to the RS/6000 may have been ill-fated because the AS/400 competes with Wang products. Wang's board has agreed to maintain the current management team.
Publication Name: The New York Times
Subject: News, opinion and commentary
ISSN: 0362-4331
Year: 1992
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Windows, Version 3.0, finally steps out. Battle in pen-based computers: Go takes the lead with new software
- Abstracts: Lotus to add electronic mail unit; upgraded version of Notes computer program also planned
- Abstracts: Apple to work with Toshiba on 'multimedia' products. Computers used in new crime: desktop forgery. Adobe ignites technology selloff
- Abstracts: Advanced Micro set to send out new chip. Advanced Micro posts record quarter sales
- Abstracts: Will Next Inc.'s new machines find a place in the market? The brave new world of I.B.M. and Apple: Will promises be fulfilled before rival companies dominate the arena?