Poleaxed fault-tolerant Unix systems builder Sequoia Systems Inc, Marlborough, Massachusetts has now decided to engage an investment banker to explore all available alternatives to resolve the company’s immediate liquidity difficulties. The company, which ran into big trouble after a couple of customers failed to complete big orders as expected – when the orders had already […]
Poleaxed fault-tolerant Unix systems builder Sequoia Systems Inc, Marlborough, Massachusetts has now decided to engage an investment banker to explore all available alternatives to resolve the company’s immediate liquidity difficulties. The company, which ran into big trouble after a couple of customers failed to complete big orders as expected – when the orders had already been booked as sales in the figures, says it is unlikely to be acquired because of a Sword of Damocles hanging over it in the form of outstanding class-action lawsuits. It says it is not currently in active financing discussions with any strategic partner or third party, but is in default under its bank credit pacts and needs new cash now to finance its operations.
