SGI Files for Chapter 11 Bankruptcy
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Six months after being delisted from the New York Stock Exchange, Silicon Graphics said Monday it has filed for chapter 11 bankruptcy as part of a reorganization to bring the company back to profitability. SGI, the former king of 3D and advanced computing that was founded by Netscape backer Jim Clark, has been struggling to keep afloat for years.
In a statement, SGI said it would continue operating as usual, and hopes to emerge from bankruptcy within six months. "This is a necessary and responsible step that will strengthen the Company and foster a sustained turnaround at SGI. This milestone marks a fundamental and comprehensive change," said SGI chairman and CEO Dennis P. McKenna.