SGI to emerge from chapter 11
Gets new line of credit
Wednesday, 20 September 2006, 11:11
TROUBLED FIRM SGI said that a court has approved its plan of re-organisation and that means it will leave its
chapter 11 restrictions next month.
Dennis McKenna, CEO and chairman of SGI, said the firm has got rid of its legacy debt, stabilised the business, and cut annualised costs of $150 million.
It has picked up exit financing from Morgan Stanley Senior Funding and has a $30 million credit line from General Electric Capital. ยต
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