TECHNOLOGY - Sept. 21, 1993
From Times Staff and Wire Reports
Wang Laboratories Emerges From Bankruptcy: U.S. Bankruptcy Judge William Hillman confirmed the company’s reorganization plan after attorneys described how Wang has cleaned up its troubles. Wang, which filed for Chapter 11 bankruptcy protection on Aug. 18, 1992, with $497 million in debt, is emerging from the court’s protection with $25 million in debt. Joseph Tucci, the company’s chief executive, reiterated projections that Wang will earn about $26 million for the 12 months beginning Oct. 1. The Lowell, Mass.-based company transformed itself by shedding most of its identity as a computer manufacturer. Wang soared to prominence selling word processors and mid-sized minicomputers, but will now focus on software and services.
