TECHNOLOGY - Sept. 24, 1993
From Times Staff and Wire Reports
Computer Firm Files Chapter 11: System Integrators Inc., which makes computers for newspapers and magazines, filed for federal bankruptcy protection to try to get banks to refinance a $56-million loan at lower interest rates. The filing listed $30 million in assets and $81 million in liabilities. Sacramento-based SII did not disclose the interest rate on the loan, which was used to finance a leveraged buyout of company founder Jim Lennane. The prime rate in 1989 was 10.5%, compared to 6% now. The company said it does not plan to lay off any of its 297 Sacramento employees.
