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July 8, 1993

BANKRUPTCY FILING FREES CYGNET LOGJAM – BUYER IN

By CBR Staff Writer

Cygnet Systems Inc, the 12 optical disk jukebox specialist that filed Chapter 11 bankruptcy papers after failing to reach agreement with Eastman Kodak Co on a contract dispute (CI No 2,190), says that one of the companies with which Kodak was negotiating a sale of Cygnet has now agreed to buy the company but Cygnet is not yet saying who the would-be buyer is or the price agreed. Cygnet’s attorney said the parties plan to file a Consensual Plan and that he hopes Cygnet will emerge from Chapter 11 around September 30. Cygnet filed to protect itself from Kodak’s attachment of its assets because of the four-year old dispute over an OEM pact and related $5.3m vendor assistance loan.

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