September 24, 1993 |
Computer Firm Files Chapter 11: System Integrators Inc., which makes computers for newspapers and magazines, filed for federal bankruptcy protection to try to get banks to refinance a $56-million loan at lower interest rates. The filing listed $30 million in assets and $81 million in liabilities. Sacramento-based SII did not disclose the interest rate on the loan, which was used to finance a leveraged buyout of company founder Jim Lennane. The prime rate in 1989 was 10.5%, compared to 6% now.
September 21, 1988 |
System Integrators, spurning an $8-a-share bid from founder and Chairman James P. Lennane, agreed Tuesday to an alternative buyout led by President Alden Edwards that will give most shareholders $10 a share. The sole exception will be Lennane, who will receive about $9 a share for his 5,147,424 shares. Based on System Integrators' 12,034,347 shares outstanding, the total value of the transaction is about $115 million.
February 22, 1989 |
James P. Lennane, the flamboyant ex-chairman and founder of System Integrators, said goodby to his 230 newspaper and wire service customers on Tuesday with extraordinary full-page advertisements in eight papers, including the Los Angeles Times.