The incredible shrinking Memorex Telex NV – in process of dismembering itself under Chapter 11 bankruptcy protection, reports that its chief executive and supervisory board have resigned as the company prepares to sell its European operations. It has hired Price Waterhouse & Co to help it sell the operations, which procure and implement networks for corporate and governmental organizations. But no assurance can be given that the proceeds from the sales of the European and remaining operations will repay the secured credit facilities, it said, adding wanly that the proceeds it had received from the sale of its US, Canadian, and Mexican operations had not materially reduced the amounts that are owed to the lenders to its secured credit facilities.
