Bedford, Massachusetts-based Computervision Corp, victim of the imbecility of a gang of buy-out artists – who deservedly lost a small fortune on their irresponsible financial engineering reports that after its horrendous figures (see page five), it is in violation of some of its bank covenants, but has received a waiver on the violations; it ended the quarter with $49.3m in cash and no outstanding borrowings under its bank agreements, but violated the agreements by having a negative net worth of $515m at the end of the quarter; it is now seeking to get the banks to modify the agreements; the $515.8m charge comes from the company’s restructuring which will cut 2,000 employees from Computervision’s worldwide workforce and close several of its facilities – but it looks to it to $120m a year.
