Law360, New York (June 27, 2006, 12:00 AM ET) -- A bankruptcy court approved up to $130 million in debtor-in-possession loans from several bondholders for Silicon Graphics Inc., allowing the high-end computer manufacturer to proceed with its Chapter 11 restructuring.
SGI will use the loan to finance company operations during its bankruptcy, pay off $76 million to pre-bankruptcy lenders Wells Fargo and Ableco Finance, and pay off $28 million it owes under another DIP loan from the same bondholders, Quadrangle Master Funding Ltd., Watershed Technology Holdings LLC and Encore Fund LP.
After falling into bankruptcy protection...
Silicon Graphics Gets $130M In DIP Loans
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