Newspaper article THE JOURNAL RECORD

Memorex Telex Completes Bankruptcy

Newspaper article THE JOURNAL RECORD

Memorex Telex Completes Bankruptcy

Article excerpt

TULSA _ Dutch-based computer maker Memorex Telex N.V. completed a swift stint in bankruptcy court when a Delaware judge approved its Chapter 11 reorganization plan Friday. The prepackaged reorganization plan is scheduled to become effective Feb. 18. David Faulkner, chief financial officer for North American operations, said Memorex Telex has reduced its principal debt by $550 million and eliminated preferred stock with an aggregate liquidation preference of $237 million. Cash interest expense will be lowered by $100 million a year, he said. Memorex Telex also said it would sponsor an American Depositary Receipt program by the end of the month on the Nasdaq market system.

"This marks a new beginning for the company," Faulkner said. "We have worked long and hard to reach this point and couldn't be more delighted with the result _ the fast completion ever of a major prepackage plan of reorganization."

Memorex Telex laid off 800 workers in July and announced it was moving its North American headquarters from Tulsa to Dallas.

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