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November 7, 1993

COMPUADD, SET TO LEAVE BANKRUPTCY, MAY MARRY ZEOS

By CBR Staff Writer

Heralding another consolidation in the overheated personal computer market, Zeos International Ltd, Minneapolis announced on Friday that it is in preliminary discussions with CompuAdd Corp on a possible business combination, with Zeos presumably acquiring or reversing into the Austin, Texas company, which is trading under Chapter 11 bankruptcy protection but on Friday said that the Austin bankruptcy court judge has confirmed its plan of reorganisation. CompuAdd said the Chapter 11 had been forced on it by its own effort to respond to the computer industry’s shift to superstore operations, and its unsuccessful negotiations with over 100 of its retail landlords and major vendors. It has debt of $90m, and turnover is running at sonething under $500m. Zeos itself is running at a loss on annualised sales of about $220m.

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