Wang Laboratories Inc is back on the brink again: the company’s net worth was already down to just $48m at the end of its fiscal third quarter in March, and the Wall Street Journal points out that it has already said it will take a charge for the quarter to June 30 to cover another 1,000 lay-offs, which means that the company is likely to have ended its fiscal year with a negative net worth, which would put it in violation of its debt covenants, allowing creditors to bring the whole edifice crashing down; the company says that up to now it has always succeeded in negotiating waivers, but its bondholders are now worried about their dividend payments.
