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April 17, 1988

IT’S CURTAINS FOR DISC TECHNOLOGY

By CBR Staff Writer

Sad to say it’s curtains for Billerica, Massachusetts 5.25 Winchester platter manufacturer Disc Technology Corp, which is holding a final sale of assets tomorrow: the company says that since it filed for Chapter XI bankruptcy protection last October, it has tried to continue operations at a greatly reduced level while seeking a buyer for the business, but despite several enquiries, no offers have been made for the firm as a going concern, so it has had to engage Ross-Dove Co to conduct a public auction of the assets on Tuesday, and Ross-Dove has guaranteed a minimum of $400,000 net proceeds from the auction; in its final three months, the company ironically made a net profit of $1.3m as a result of a gain of $1.1m attributable to settlement of pre bankruptcy secured debt, and a gain of $450,000 from settling equipment leases – but it made a $262,000 loss from operations on sales off 80% at $102,000.

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