Leasing company COS Computer Systems AG, Baden, Switzerland is one of the victims of the fading of the mainframe, and trading in the company’s shares was suspended in Zurich yesterday as the company announced a rescue programme and said it had given up the search for a partner, Reuter reports.COS announced that it made a consolidated loss equivalent to $53.8m on turnover of $157m for the six months to September 30. In the fiscal year to March 31 1993, it lost $165m on turnover of $487m.The rescue package, to be proposed to shareholders at a special meeting on March 21, would involve banks renouncing claims worth $121m and exchanging additional claims for new COS shares, which would then be offered to existing shareholders in a rights issue. The company’s capital would be cut to $3m from $30m and will be subsequently increased again to $30m by the issue of 990,000 registered and 1.005m bearer shares, which would be taken up by the banks. Existing shareholders would then be given the opportunity to subcribe to the banks for these shares. COS says it estimates that the operation will reduce its liabilities by some $149m.
