FIRST PHILADELPHIA UNIT FILES FOR CHAPTER 11
<First Philadelphia Corp> said its
Computone Systems Inc unit filed a chapter 11 plan for with the
U.S. Bankruptcy Court in Atlanta.
    Subject to confirmation by the court of the plan, the
assets of Computone's two operating divisions would be
transferred to CPX Inc, a wholly-owned subsidiary of First
Philadelphia, the company said.
    First Philadelphia said it is in the process of raising
1,750,000 dlrs to complement it initial investment of 750,000
dlrs to fund the cost of the reorganization and provide ongoing
capital for existing Computone businesses.
 Reuter
