Newsgroups: comp.parallel,comp.sys.super
From: jss@Think.COM (Joshua Spiewak)
Subject: Thinking Machines Corporation files plan to emerge from bankruptcy protection
Organization: Thinking Machines Corporation
Date: Thu, 9 Nov 1995 17:27:35 GMT
Message-ID: <JSS.95Nov9122735@godot.think.com>



FOR IMMEDIATE RELEASE


THINKING MACHINES CORPORATION FILES PLAN 
TO EMERGE FROM BANKRUPTCY PROTECTION
Restructured and refocused, the company
plans to bring its software to the mainstream

BEDFORD, Mass. (November 8, 1995) -- Thinking Machines 
Corporation, with the support of its creditors' and equity 
holders committees, today announced that it has filed a plan 
to emerge from its Chapter 11 reorganization as a 
recapitalized company focused on software, networking, and 
applications for multiprocessor computing.  The plan, which 
is subject to Bankruptcy Court approval, calls for the 
recapitalization of the company by a $10 million infusion of 
working capital from private investors.

Since filing for Chapter 11 protection in August 1994, 
Thinking Machines has cut costs and begun transforming 
operations to market its parallel software to add value and 
new levels of performance to mainstream computing systems.  
Thinking Machines' software extends the power and 
flexibility of these systems by allowing users to solve many 
small problems as well as big complex problems, including 
the mining of very large databases.  The company has had 
four consecutive profitable quarters since October 1, 1994. 

"The market spoke loud and clear, and told this company that 
building some of the world's fastest computers was not, by 
itself, enough to sustain growth," said Robert L. Doretti, 
Thinking Machines' president and CEO.  "We took a hard look 
at our core competencies and quickly realized that we had 
substantial expertise in the software that harnesses the 
power of multiprocessor computers.  We believe there's a 
huge untapped market for this capability, and this is our 
strategic focus going forward."

"Thinking Machines' core competencies position the company 
to capitalize on two powerful industry trends -- the market 
demand for scalable architectures, and the migration of 
high-performance technologies into commercial environments.  
The company's skill set answers the industry's call for 
expertise in providing solutions for data-intensive 
problems," said Debra Goldfarb, Director, Workstations and 
High-Performance Systems, International Data Corporation.

On behalf of the company's creditors and current equity 
holders, the proposed plan also provides for the creation of 
a separate business entity to realize its patent rights.  
Thinking Machines owns patents to a variety of technologies, 
some of which have become standards in the computer 
industry.  

Founded in 1983, Thinking Machines is a pioneer in the 
supercomputer field known as massively parallel processing, 
and has created some of the world's most powerful computers.  
Today, the company's supercomputers are employed in a wide 
variety of fields, from seismic processing and molecular 
biology, to operations research and database mining.  
Thinking Machines will continue to develop enhancements to 
its Connection Machine family of systems.
 
"Thinking Machines owes a great deal of gratitude to its 
loyal employees and customers for their support during this 
difficult period," said Doretti.  "As we move forward in 
implementing our new strategy, I am greatly encouraged by 
the renewed sense of confidence in the company and the 
positive reception to our new business directions 
by the marketplace."

In early October, the 180-employee company completed a move 
of its corporate headquarters from Cambridge to Bedford, 
Massachusetts.
-- 
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| Joshua Spiewak	       E-mail: jss@think.com			      |
| Thinking Machines Corp.      WWW:    http://www.think.com/tmhtml/users/jss/ |
| 14 Crosby Drive	       Voice: (617) 276-0400 x2790		      |
| Bedford, MA  01730           Fax:   (617) 276-0444			      |
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