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,"
The New York Post
reported that the company, which is based in Stamford, Conn., hired the
, 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