Stockholder Plans to Take Control of Com Systems

A Swiss-Dutch group is poised to take control of Com Systems, an ailing Van Nuys-based provider of long-distance telephone service.

Com Systems said that OmniCorp International BV, a Dutch affiliate of Com Systems’ biggest stockholder, has agreed to make a $7-million investment in Com Systems in a transaction that would boost the group’s ownership of Com System’s stock.

As part of that deal, OmniCorp would provide a short-term loan of up to $7 million to Com Systems, and the money would be applied to OmniCorp’s purchase of the stock.

The group now owns 40.7% of Com Systems’ common stock. Com Systems did not specify how much the group’s stake would rise if the deal goes through, but did say the group “would have control of Com Systems’ board of directors.” The deal is subject to approval by Com Systems’ stockholders.

The OmniCorp investment is meant to help Com Systems fight off serious cash flow problems stemming from January, when Com Systems lost its single biggest customer, which was not identified. Com Systems also predicted it would report significant losses for 1988.