“Silicon Graphics Inc., a long-struggling maker of high-performance computers, filed for Chapter 11 bankruptcy protection. A group of bondholders agreed to trade their debt for a stake in the company, which filed for Chapter 11 protection Monday morning in U.S. Bankruptcy Court in New York. Silicon Graphics is known for desktop workstations and larger server systems that are favored by engineers and others who demand sophisticated graphics, including Hollywood studios. But the company has suffered a long slide, partly due to competition from machines based on standard components used in personal computers,” The Wall Street Journal reports.
“Silicon Graphics’ stock was recently delisted from the New York Stock Exchange for trading below a minimum threshold of $1 a share, and now trades on the small-cap OTC Bulletin Board,” The Wall Street Journal reports. “On Monday, the company said its fiscal third-quarter loss narrowed to $42.7 million, or 16 cents a share, from $44.5 million, or 17 cents a share, a year earlier. Revenue fell to $108.1 million from last year’s $159.2 million.”
Full article here.
[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]
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