As part of its further downsizing under its Chapter 11 bankruptcy reorganisation plan (CI No 2,129), Wang Laboratories Inc is to sell its printed circuit board plant in Methuen, Massachusetts to its management for less than $5m cash. It will also sell its 70% stake in its Taiwanese factory, in exchange for cancellation of about $150m in debt, and 51% of its sales unit in Taiwan will be sold to local partners – Wang will continue to receive 49% of the Taiwan operations profits, but its sales will no longer be included in Wang’s consolidated figures. And the Limerick, Ireland plant will now be converted into a repair facility.
