| SGI exits bankruptcy protection |
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| Publication: | CNET | Date: | Oct 19 2006 |
Silicon Graphics exited Chapter 11 bankruptcy protection on Tuesday with a new board of directors and new funding to try to restore its faltering high-end computer business.
The Mountain View, Calif.-based company, once a Silicon Valley icon, eliminated its long-term debt and raised $115 million to help it through the transition out of bankruptcy protection. The funding arrangements, through Morgan Stanley Senior Funding and General Electric Capital, also include an $85 million loan and a $30 million revolving line of credit, the company said.
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