SGI is expected to get out of bankruptcy protection next month

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SGI, a veteran graphics company, is gradually gaining momentum. its restructuring plan has been approved by judges and is expected to get rid of the Protection of chapter 1 of the bankruptcy law next month.

In the face of competitors such as IBM, HP, sun, and Dell, SGI has been moving forward in recent years. At the beginning of the year, it was even more likely that it could go bankrupt. NVIDIA began to covet its graphics department, however, SGI did not indulge in this, but actively began self-help: In 12%, Dennis McKenna was appointed as the President and the entire board of directors was replaced; In, were laid off; in, it filed for bankruptcy protection; in, abandon their own MIPS-IRIX system and switch to itanium/Xeon-Linux system. In July, the restructuring plan was completed.

Judge Burton lifland, judge of the New York bankruptcy court, believes that SGI has met all the conditions for deploying the restructuring plan and therefore approved it. To get rid of bankruptcy as soon as possible, SGI raised a lot of funds, such as lending $85 million to Morgan Stanley and $30 million to General Electric capital.

SGI plans to get rid of bankruptcy protection in October this year and start making profits again in 2007 fiscal year (as of June 30 next year. "For us, this is like a rebirth," McKenna said. A new SGI is coming soon ."

The scale of the new SGI will be reduced. For example, the number of employees is reduced from 2200 to 1600, which can save $0.15 billion a year. With technical advantages, SGI will continuously launch new products, from high-end itanium to low-end Xeon, and continue to sell Engineering, Science, scientific research and other products.