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Elsa, the veteran graphics card maker, has started bankruptcy protection proceedings in its German homeland.

The company said that it had received a letter of intent from an "industrial investor" but was unable to complete negotiations because it had ran out of money. The investment or sale of the company had been subject to due diligence.

As previously reported, Elsa had its credit facilities withdrawn and was unable make a loan repayment due on February 15.

Elsa is now being run by an insolvency administrator. "An investigation and analysis of possible measures to continue the business has been initiated".

Elsa is best known for its workstation-class graphics cards and is a fairly big customer of Nvidia. The company also makes networking client access devices.
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