U.S. Bankruptcy Court Approves SGI's Disclosure Statement
MOUNTAIN VIEW, Calif.— Silicon Graphics (OTC: SGID) announced that its Disclosure Statement has been approved by the U.S. Bankruptcy Court for the Southern District of New York thereby enabling the Company to continue on its path toward emerging from chapter 11 by the end of September.
At a hearing in New York, the Honorable Burton R. Lifland ruled that SGI's Disclosure Statement contained adequate information for the purpose of soliciting creditor approval of SGI's Plan of Reorganization. The Plan is supported by the Official Creditors' Committee, the Ad Hoc Committee of Senior Secured Noteholders and the largest holder of Silicon Graphics' Unsecured Debentures.
A hearing for the court to consider confirmation of the Plan has been scheduled for September 19, 2006. Certain other motions related to employees and financing were also approved.
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