SGI's Reorganization Plan Wins Court Approval

Law360, New York (September 19, 2006, 12:00 AM EDT) -- A bankruptcy judge has signed off on an order approving Silicon Graphics Inc.’s plan of reorganization, paving the way for the company to emerge from Chapter 11 in October.

At the restructuring plan’s confirmation hearing on Tuesday, U.S. Bankruptcy Judge Burton Lifland ruled that the plan met the requirements for confirmation. The order approving the plan was also signed and entered Tuesday.

The reorganized Silicon Graphics will have a new board of directors, $150 million less in annual costs, and a bolstered product portfolio, the company...
To view the full article, register now.