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West Chester, PA - based Commodore International Ltd. (CIL) has announced it may be facing reorganization or other liquidation proceedings due to its ongoing inadequate financial performance.
In a financial report released last month detailing its results for the second quarter ended Dec. 31, 1993, the systems vendor said, "it is attempting to negotiate a restructuring plan with creditors, including suppliers who have restricted the company's credit and instituted legal action against the company, and lenders who have indicated that they may accelerate their loans to the company."
The report adds that Commodore continues to suffer from inadequate liquidity, and there can be no assurance that it can attract additional financing resources and complete a successful restructuring.
Commodore posted a net loss of US$8.2 million on sales of US$70.1 million for the quarter. This compares to a net...