Syquest finds buyer
Is it Iomega the Click?
Syquest, the hard drive manufacturer which has entered Chapter 11 bankruptcy protection, said it had found an unspecified buyer. It said it has signed a letter of intent and the sale will depend on the deal being finalised by 25 November. Long-time rival Iomega is known to be interested in buying Syquest's assets. The transaction, if it succeeds, will mean the buyer will obtain patents and other intellectual properties, manufacturing equipment, finished product, work in process and raw materials. Syquest will be operating on a skeleton staff until the deal is made. Last week, employees turning up for work found the company's HQ locked. An internal email said the company had been served with a notice to quit the premises. Iomega's share price has shown a strong surge in the last few days. The deal will include provision for products already sold through its channels or to end users. ®
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