Wang Tells It To The Judge
Thrashed by crushing computer competition and $1.3 billion in debt, Wang Laboratories cried uncle with a Chapter 11 bankruptcy filing on Aug. 18. Chairman Richard Miller, the turnaround specialist hired in 1989 to revive the Lowell (Mass.) company, blamed a 1980s debt binge that left no way to escape a bankruptcy reorganization.
Wang plans a reorganization that will cut revenues to $1.4 billion, from $1.9 billion this year, and slash 5,000 jobs. Miller warns that Wang's $141 million fiscal 1992 operating loss may balloon.