SGI files for Chapter 11 bankruptcy

Iria · May 8, 2006, 05:14 PM

Source: News.com
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Silicon Graphics announced Monday it filed for Chapter 11 bankruptcy protection, as the company seeks to reorganize and re-emerge from its financial woes.

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.

May 8, 2006, 05:14 PM	#1
Iria DriverHeaven Extreme Member Join Date: Apr 2004 Posts: 7,275 Rep Power: 76	SGI files for Chapter 11 bankruptcy Source: News.com ___________ Silicon Graphics announced Monday it filed for Chapter 11 bankruptcy protection, as the company seeks to reorganize and re-emerge from its financial woes. 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.