Wang Says It Has Reorganized Credit, Will Meet Payments

Struggling computer maker Wang Laboratories Inc. said today it had successfully restructured its credit agreements with bank lenders, gained an additional $100 million in borrowing power and would make the debt payments it suspended last week.

In announcing the agreement, the company said it now had a total $575 million in outstanding indebtedness. It also said its agreements with lender banks would enable it to raise $175 million in working capital, with additional assets pledged as collateral.

Wang began renegotiating its lending agreements with banks after earlier this month announcing it had lost more than $300 million in the latest quarter.

An Wang, founder and chief executive officer of the company, said the company continues to explore sale of certain portions of the business, including domestic and international leasing subsidiaries.

Frederic Wang, Wang’s eldest son, has stepped aside as president of the company.