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SGI bankrupt gain, will sell assets for $25 million

Posted on Friday, April 03 2009 @ 00:45:08 CEST by

Silicon Graphics (SGI) is seeking bankruptcy protection for the second time in three years, the company has agreed to sell itself for just $25 million to Rackable Systems:
Storied Sunnyvale tech company Silicon Graphics, the onetime multibillion-dollar company that rose to fame in the 1990s by helping Hollywood create blockbusters like "Jurassic Park,'' agreed to sell itself for a mere $25 million Wednesday after seeking bankruptcy protection for the second time in three years.

If the bankruptcy judge approves the sale to Fremont-based Rackable Systems, which makes servers and storage devices for data centers, it might mark the final chapter for SGI, which was founded in 1982 and has taken a painful tailspin into near obscurity in recent years.

Rackable Systems CEO Mark Barrenechea is hopeful. "They are a Silicon Valley icon," he said. "We believe the entire business is of compelling value to Rackable."
More info at Mercury News.



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