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Technology Stocks : SYQUEST -- Ignore unavailable to you. Want to Upgrade?

To: Dale Stempson who wrote (7529)	11/25/1998 7:38:00 PM
From: Dale Stempson	Read Replies (1) \| Respond to of 7685

Second Offer: Reeling Disk-Drive Maker SyQuest Receives Another Offer Dow Jones Online News, Wednesday, November 25, 1998 at 18:24 WASHINGTON -(Dow Jones)- SyQuest Technology Inc. has received a second offer from an unidentified party looking to buy assets from the troubled maker of removable disk drives. Last week, Fremont, Calif.-based SyQuest (SYQT) filed for Chapter 11 bankruptcy protection and said it signed a letter of intent to sell "substantial assets" to a strategic buyer. The company has been beset with operating losses and a liquidity crisis stemming from problems competing in the high-volume, low-cost market for removable-storage devices. At a contested cash collateral hearing Tuesday, investment banker CIBC Oppenheimer Corp. said Syquest has received a second proposal and that both letters of intent represent "real" offers. The banker spoke in response to a question from counsel for lender Greyrock Business Credit Corp., Tobias Keller of Murphy Sheneman Julian & Rogers said Wednesday. Keller said the offers weren't disclosed and testimony for the hearing was submitted under seal. Besides primary rival Iomega Corp. (IOM), SyQuest's competitors and possible strategic buyers include France's Nomai S.A., Imation Corp. (IMN), and Boulder, Colo.-based Caleb Technology. According to Keller, SyQuest hopes to sign a definitive asset-sale agreement by Dec. 7 or later that week. In the meantime, the U.S. Bankruptcy Court in Oakland, Calif., has authorized the company's interim use of cash collateral through Dec. 7, the date of the final hearing. Copyright (c) 1998 Dow Jones & Company, Inc. All Rights Reserved. Regards - Dale