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June 1, 1989 | From Reuters
Leading Edge Products Inc., a maker of IBM-compatible computers that is in bankruptcy, said Wednesday that it will be bought by the company that makes virtually all its products: Daewoo Telecom Ltd. of South Korea. Under a plan that must be approved by federal bankruptcy court in Boston, Daewoo will acquire privately held Leading Edge by assuming its estimated $16 million in liabilities, said Leading Edge Senior Vice President John Sullivan. The company's dealers, who are the vast majority of its creditors, will be paid back in cash within five years.
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BUSINESS
June 1, 1989 | From Reuters
Leading Edge Products Inc., a maker of IBM-compatible computers that is in bankruptcy, said Wednesday that it will be bought by the company that makes virtually all its products: Daewoo Telecom Ltd. of South Korea. Under a plan that must be approved by federal bankruptcy court in Boston, Daewoo will acquire privately held Leading Edge by assuming its estimated $16 million in liabilities, said Leading Edge Senior Vice President John Sullivan. The company's dealers, who are the vast majority of its creditors, will be paid back in cash within five years.
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