Bankruptcy story hits Wang shares
Saturday 15 August 1992
Wang has delayed the release of year-end results, which are expected to include a dollars 30m restructuring charge for the fourth quarter, while Fred Wang, director, seeks an equity infusion from potential investors in Taiwan.
The charge would lead to the company having a negative net worth, triggering a default on a number of loan covenants, analysts say.
Company spokesmen refused to comment on rumours of a Chapter 11 filing, beyond saying that a number of lenders had agreed to waive the default provisions. On Wall Street, however, Wang shares lost almost a third of their value on the news, falling dollars 5 8 to dollars 1 1/2 .
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