Silicon Graphics Debtors' Plan One-Ups Ch. 7

Law360, New York (August 19, 2009, 5:22 PM EDT) -- With an asset sale complete, Graphics Properties Holdings Inc., which represents the Chapter 11 debtors formerly known as Silicon Graphics Inc., has filed a plan of reorganization that promises a better recovery for certain creditors than Chapter 7 liquidation and contemplates the issuance of common stock.

According to court papers filed Aug. 18 in the U.S. Bankruptcy Court for the Southern District of New York, the plan also contemplates the formation of a liquidating trust that will be tasked with managing the debtors' remaining assets, initiating...
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