Xerox Denies Having Plans to File for Bankruptcy
Xerox(XRX) said this morning it has no plans to file for bankruptcy and believes it has enough cash on hand to fund its daily operations, according to a published report.
In recent months, the photocopier maker has fought off rumors that the company is suffering a liquidity crisis. Xerox said that as of Dec. 20, the company had $1.4 billion in cash on hand, which remains sufficient to meet "current and anticipated needs," Reuters reported. The New York Post reported that the company, which is based in Stamford, Conn., hired the Blackstone Group, a New York-based private investment firm, as a bankruptcy adviser. Xerox reportedly said that the company has engaged a number of aides, including Blackstone, as general financial advisers. Shares of the beleaguered Xerox have fallen sharply from their 52-week high of $29.75. Xerox lately traded down 38 cents, or 5.9%, to $6 in composite trading on the New York Stock Exchange.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
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