Having won itself a short breathing space by pacifying its bankers, Wang Laboratories Inc is working all out to raise cash, saying that it hopes to find $175m in working capital by selling assets such as the factory in Scotland, its credit and leasing subsidiaries, and possibly its headquarters, which it would then lease back. The agreement with the banks requires that any money raised beyond that $175m go toward paying off its fiscal 1990 bank obligations, ahead of time if possible, so the agreement gives the company very little leeway. The search for a new president is proceeding rapidly. Analysts believe that while the agreement buys time for Wang, it still needs to find a strong partner.
