View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
November 25, 1991


By CBR Staff Writer

Unisys Corp has suffered a substantial setback in its efforts to pay down its debt with the decision to withdraw the flotation of its Paramax Inc defence business in the wake of the slide on Wall Street and uncertainties over the outlook for US defence spending. The company did offer a bit of cheer with a forecast that it expects to be in profit for the current quarter, to go a little way to reduce the $1,470m accumulated losses for the first nine months. Unisys said that the proposed sale had been an opportunity, not a necessity, and that it would not have been in the best interests of Unisys and its stakeholders to sell the unit in a weak market at a fire sale price. Sale of Paramax, which would have paid Unisys $332m cash to settle inter-company indebtedness, was intended to raise between $440m and $500m for Unisys, giving it some $800m to set against its debt mountain, which currently stands at about $3,000m, but in the present climate would likely not have been saleable at the intended price.

Content from our partners
Scan and deliver
GenAI cybersecurity: "A super-human analyst, with a brain the size of a planet."
Cloud, AI, and cyber security – highlights from DTX Manchester

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.