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Exhibit 99.1
INACOM CORP. FILES FOR CHAPTER 11 BANKRUPTCY
PROTECTION; CLOSES SUBSTANTIALLY ALL BUSINESS
OPERATIONS
Atlanta, GA, June 16, 2000 - InaCom Corp. (OTC:ICOP) announced today that, as a
result of financial and operational challenges it could not overcome, the
Company has closed substantially all of its business operations and filed a
voluntary petition for court protection under Chapter 11 of the U.S. Bankruptcy
Code. The Chapter 11 filing, made in the U.S. Bankruptcy Court in Wilmington,
Delaware, will allow InaCom to effect an orderly cessation of operations and
disposition of the Company's remaining assets.
As previously announced, in conjunction with its exploration of strategic
alternatives, InaCom had been involved in negotiations to sell its core services
business to a strategic buyer. However, InaCom was unable to reach a definitive
agreement regarding this proposed transaction. As previously reported, the
Company needs to restate its financial results for 1998 and the first three
quarters of 1999, and therefore has been unable to produce financial statements
for these periods. The company was unable to procure any further extensions of
the previously disclosed waiver of certain defaults under its senior secured
revolving credit facility. The waiver expired on June 15, 2000.
As a result of the bankruptcy filing and business shutdown, substantially all of
InaCom's employees have been terminated, effective today.
Contacts
Media Only:
Hope Griffith
770-619-6704
Investors, Customers, Suppliers:
800-922-0897
