CPT ANNOUNCES SETTLEMENT OF TAX DISPUTE
CPT ANNOUNCES SETTLEMENT OF TAX DISPUTE EDEN PRAIRIE, Minn., April 6 /PRNewswire/ -- CPT Holdings, Inc.
announced today that the Internal Revenue Service has accepted the company's offer to settle a $3.5 million tax claim for $1.2 million. The settlement is conditional upon approval of the bankruptcy court in the company's bankruptcy proceedings. Under the Bankruptcy Plan of Reorganization, the settlement will be paid by CPT Office Systems, Inc. over a period of six years.
CPT Office Systems, Inc., a subsidiary of CPT Holdings, Inc., is a developer and distributor of computer products. CPT Holdings, Inc. is also the parent company of Brighton Electric Steel Casting Company based in Pennsylvania. -0- 4/6/92 /CONTACT: David Priebe of CPT, 612-949-1728/ CO: CPT Holdings, Inc. ST: Minnesota IN: CPR SU:
AL -- MN002 -- 5581 04/06/92 17:41 EDT
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|Date:||Apr 6, 1992|
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