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June 19, 1997updated 05 Sep 2016 12:28pm

STREAMLOGIC’S STORY MAY END IN CHAPTER 11

By CBR Staff Writer

StreamLogic Corp, the disk subsystem integrator formed from the remains of Micropolis Corp last year (CI No 2,887), says it may soon be declaring bankruptcy to protect the small cash reserves it has left. On Tuesday, the Menlo Park, California reported preliminary results for the fourth-quarter and year that showed losses of $20.8m and $16.1m respectively, even with an extraordinary gain of $24.1m included in the year’s results. If that isn’t a good enough indication of things falling apart, the company also announced Tuesday it had failed to make a June 15 debt payment, but on Wednesday said the payment is in fact due on September 15. Even so, it cannot guarantee its ability to make the payment.

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