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Technology / AI and automation

STERLING SOFTWARE ABANDONS RECAPITALISATION PLANS

Sterling Software Inc, Dallas, Texas has abandoned its recapitalisation plan that would have involved it buying in a large part of its equity after debt holders failed to tender enough paper to make the transaction work: the aim was to replace $106.5m of 8% convertible subordinated debentures due 2001 with new 11% notes due 1998, and if enough of the convertibles were tendered, to buy in up to half the shares outstanding at between $9 and $10 apiece; the debt and shares tendered will instead be returned.

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CBR Staff Writer

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