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.
STERLING SOFTWARE ABANDONS RECAPITALISATION PLANS
