SGI Files for Chapter 11 Bankruptcy
Dawn Kawamoto writes on C|Net News:
Silicon Graphics announced Monday it filed for Chapter 11 bankruptcy protection, as the company seeks to reorganize and re-emerge from its financial woes.More here.
SGI, a former high-flying server and workstation maker for Hollywood and the graphics industry, said it reached a voluntary agreement with its debt holders to simplify its capital arrangements and cut its debt by about $250 million under the reorganization plan.
The company, which made its filing in the U.S. Bankruptcy Court for the Southern District of New York, said it plans to turn in a reorganization plan to the court soon and to emerge from Chapter 11 within six months.
posted by Fergie @ 5/08/2006 09:58:00 AM
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