Mandrakesoft goes tits up
Runs to bankruptcy court
Posted in Software, 16th January 2003 10:04 GMT
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On Monday, we revealed that Mandrakesoft was close to seeking bankruptcy protection under French law.
Yesterday, the firm filed for the French equivalent of Chapter 11. Here is the company's statement.
The move is designed to give it breathing space from creditors, while it re-organises its affairs. Question is: how many firms come out of the other end alive and thriving? We ask this, only because Chapter 11-style rescues do not necessarily work well outside the US. In the UK, for instance, we have something called a Creditor's Voluntary Arrangement. More often than not, this is staging post to an early grave. ®
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