Troubled US copier and printer manufacturer Xerox has today denied speculation that it's planning to file for chapter 11 bankruptcy protection.
Published: 10 January 2001 12:19 GMT
The speculation follows an article in the New York Post that claimed Xerox had hired investment banking and private equity group Blackstone as its "bankruptcy adviser".
While the company confirmed it has brought in Blackstone to advise on various aspects of company operations, it denies that these include filing for bankruptcy protection.
Joe Kelly, UK spokesman for Xerox, said: "I can confirm we brought in Blackstone for advice on asset disposals. We announced on 21 December [that Xerox has] $1.4bn cash, which is adequate liquidity to see us through the foreseeable future.'
In an effort to recover its losses, Xerox has announced plans for between $2bn and $4bn of asset sales. It has already sold its China operations to Fuji Xerox for $550m.
Xerox shares fell 8.8 per cent yesterday.
By Mark Graham
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