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.
