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Cambridg's Thinking Machines to File for Chapter 11 Bankruptcy Protection. (Originated from The Boston Globe)
Knight Ridder/Tribune Business News, August, 1994 by Zitner, Aaron
Aug. 16--Thinking Machines Corp., the quirky Cambridge company that pioneered a new breed of supercomputer, yesterday acknowledged that it could not turn technical wizardry into financial success and will file for Chapter 11 bankruptcy protection.
The privately held company, whose designs helped change the way computers handle the most complex computations, said it notified one-third of its 425 employees that they had been laid off, most of them from manufacturing and sales units.
Richard P. Fishman, president of Thinking Machines, said the company will file for Chapter 11 protection in federal Bankruptcy Court in Boston this week, most likely tomorrow. Under Chapter 11, a company is shielded from its creditors while it attempts to reorganize. One insider...
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