Carlyle Systems, Inc., announced in December that its reorganization plan has been approved by the United States Bankruptcy Court, allowing the company to emerge from Chapter 11 less than six months after the initial filing. The reorganization plan includes a reaffirmation of all existing customer contracts and agreements.
During the period that Carlyle was operating under Chapter 11, it continued to make progress in its development effort. It completed the design and testing of the new 80386-based Expanded Host Processors. Carlyle also began the migration of its systems to UNIX with the introduction of the new "X" series of processors. Development resources also were devoted to Carlyle's new circulation system which uses the Ingres DBMS. The module will be named COMPASS. Beta testing is scheduled to begin at the Berkeley Public Library in March, 1990.
The venture capital groups which supported Carlyle before the reorganization are no longer involved. The major outside investor now is Technology Funding Secured Investors. It has agreed to convert a significant portion of the debt owed it to equity. All other stock will be owned by founder and president Stephen R. Salmon and employees. Carlyle's plan is to fund future development--including acquisitions and serials control modules--with cash generated from operations, rather than seeking additional investors or loans.
[Contact: Carlyle Systems, Inc., 5750 Hollis Street, Emeryville, CA 94608; (415) 428-3900.]
