MandrakeSoft Bankruptcy Plan Gets Court ApprovalJan 28, 2003, 14:30 (14 Talkback[s])
(Other stories by Brian Proffitt)
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According to a post on the MandrakeClub Web site, the French courts have given preliminary approval to MandrakeSoft's plan to return to normal operations--giving the French Linux distribution company a chance to prove it should continue to do business.
MandrakeSoft filed for "cessation des paiements" on Jan. 15 of this year. The bankruptcy protection suit is similar to Chapter 11 bankruptcy in the United States.
"In a way, this was just a 'formality,' but nevertheless there was always a possibility of [the] judge seeing things differently than we do and ordering the immediate liquidation of the company," wrote MandrakeClub member Deno in the post entitled "Show Goes On."
Deno stated in his post that this was just a summarization of what he learned during internal meetings at MandrakeSoft yesterday, but passing this formality is a positive step towards getting MandrakeSoft back on track.
"So, the prelude is over, and now the ball is back in our yard: if MandrakeSoft manages to meet the expectations and reach the profitability within few months, all will be fine. So it's up to us (and you) again to prove that things can really work out," Deno wrote.
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