MandrakeSoft Chapter 11 like exit plan filed

Friday, March 05 2004 @ 11:05 PM CST

Contributed by: Linegod

The court appointed Administrator has filed the "redressement judiciaire" (Chapter 11 like) exit plan for the company.

The plan proposes the repayment of 4.1 million euros of liabilities over a 9 year period without interest. Of this, 3.3 million euros is exigible and 0.8 million euros is conditional upon certain events. The plan allows Mandrakesoft to repay its liabilities from revenues without raising additional capital. The Court will rule on the plan in the coming weeks.

Read the full thing here

Excellent news....

Comments (0)

Warped Systems