Rackable Systems to Acquire Bankrupt SGI
Silicon Graphics Incorporated (SGI), the Californian based server manufacturer, has filed for bankruptcy protection and agreed to sell its assets to Rackable Systems Inc.
In March SGI was in danger of losing its place in the NASDAQ due to lack of capital. Now SGI has applied for bankruptcy protection in a new Chapter 11 petition. In an announcement yesterday, Rackable Systems, a company that specializes in server and storage products, agreed to acquire substantially all SGI assets for $25 million in cash. Rackable has also promised to cover any further costs arising from the bankruptcy.
SGI will continue to run its business until the end of the process. Its international business is also included in the SGI/Rackable package, but will not be subject of the bankruptcy.
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