Aureal seeks Chapter 11 shield
So farewell, then...
Aureal has declared itself bankrupt, just a week after firing its entire management team and reporting a very poor set of results indeed. The company yesterday sought Chapter 11 protection from creditors while it desperately tries to sort out its finances, though with the board now desperately trying to recruit a CEO, a CFO, a COO and a CTO, this isn't likely to happen in the immediate future. Unless Aureal's board can get the company back on an even keel, there will be little choice left to it beyond liquidation and the sale of its small patent portfolio. Clearly there's little interest in acquiring Aureal as a going concern, since the company is believed to have been up for sale for the last few months at least and found no buyer. Aureal's Q4 figures saw its losses expand to $9.5 million and sales shrink to $8.5 million, down from $10.8 million in the same period last year and $11.2 million in the previous quarter. The year-to-date loss for 1999 was $26.9 million, compared to a loss of $18.5 million for 1998. ® Related Stories Aureal close to collapse - execs out on their ears Intel to take over Aureal? Silence falls
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