MAI Systems Will Accept $8.5-Million Settlement

MAI Systems Corp. said it will accept an $8.5-million cash payment to settle a claim against parties involved in the 1992 disposition of its European operations.

Terms of the settlement and the identities of the parties making the payment were not disclosed.

In 1992, MAI--an Irvine-based computer services company--announced that the sale of its German, Austrian and Swiss operations for about $120 million had been canceled because the prospective buyer refused to go through with the deal. The company said at the time it was considering a lawsuit.

In March 1993, MAI’s lenders took over the European operations, relieving the struggling company of $84 million in debt. MAI filed for Chapter 11 bankruptcy reorganization the next month and emerged from bankruptcy in December 1993.

The company provides computer products and systems for the hospitality, gaming, distribution and manufacturing industries.