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Another press release
FOR IMMEDIATE RELEASE
Contact: Bill Clarke (508) 287-1351
Richard Waltz (508) 287-1049
SYMBOLICS ANNOUNCES FILING FOR CHAPTER 11 REORGANIZATION
CONCORD, Mass., January 28, 1993 -- Symbolics, Inc. (NASDAQ:SMBX)
announced today that it has filed for protection under Chapter 11 of the
Federal Bankruptcy Code. Although progress had been made to financially
restructure Symbolics, Inc., its Board of Directors determined that this
action was necessary to execute a reorganization plan for the Company.
It is the Company's intent to reorganize as quickly as possibly under
the Bankruptcy Code process with the goal of emerging from bankruptcy as
an economically viable company.
Symbolics plans to continue to serve its customers in the United States
and around the world without interruption during the reorganization.
Symbolics' UK subsidiary, Symbolics Ltd., has not filed for bankruptcy
protection and is conducting business as usual.
Kenneth J. Tarpey, Symbolics' President and Chief Executive Officer,
stated, "The Company has been constrained by the legacies of past
business decisions, particularly several long term leases, that have
inhibited us from obtaining the outside investments needed to further
develop our product lines and market position. Filing for Chapter 11
gives the Company the opportunity to effect the reorganization which we
believe will enable us to remain a vital competitor in expanding
Symbolics, Inc. (NASDAQ:SMBX), headquartered in Concord, Massachusetts,
is a leading provider of object oriented and symbolic processing
technology used in sophisticated applications, including on-line
decision support, expert systems and scheduling and planning. The
Company provides software and hardware tools and consulting services to
some of the world's largest corporations, devising application solutions
to mission-critical business problems in the government,
telecommunications, manufacturing, utilities and transportation