rcd@ico.isc.com (Dick Dunn) (01/04/90)
As had been expected, MiniScribe filed for reorganization and protection
from creditors under Chapter 11. (This is the "buying time and cleaning it
up" approach, as compared to Chapter 7, "bankruptcy", which they did *not*
file.)
They also announced that they have obtained $20 M of short-term financing
to allow them to operate while they reorganize and look for longer-term
financing. This amount was said to be enough to get them going again and
get the new line of small drives out.
In case you hadn't heard, they announced a while back that they were
dropping their 5.25" line of drives in favor of the smaller ones, in order
to focus their efforts.
--
Dick Dunn rcd@ico.isc.com uucp: {ncar,nbires}!ico!rcd (303)449-2870
...Mr. Natural says, "Use the right tool for the job."