SGI Reaches Agreement With Unsecured Creditors

Law360, New York (June 28, 2006, 12:00 AM EDT) -- In another positive development for Silicon Graphics Inc., the company has reached a global agreement with its unsecured creditors in its reorganization, putting the high-end computer manufacturer on the fast track to leave Chapter 11 bankruptcy protection.

SGI has gained the support of its Official Committee of Unsecured Creditors and its largest holder of Subordinated Debentures, the company said on Tuesday.

“Such agreements are crucial to a successful reorganization,” said Dennis McKenna, the chief executive officer and chairman of SGI. “Our exit timeline remains on track.”...
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