SGI files restructuring plan
SGI, currently under chapter 11 reorganization, today said that it has filed its "joint plan of reorganization."
The company also announced that a court overseeing the restructuring process has approved its the terms of its settlement with Goldman Sachs to reduce and ultimately eliminate its lease obligations at Amphitheatre Technology Center (ATC) and the Crittenden Technology Center (CTC) in Mountain View, California.
When combined with the new financing facility announced last week, the settlement with Goldman Sachs provides approximately $19 million of additional liquidity and will reduce its cash obligations by $15-20 million annually beginning in July, SGI said.
The company expects to exit chapter 11 proceedings before November 8 of this year.
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