MandrakeSoft: Chapter 11 Like Exit Plan Filed

[ Thanks to Mr Smith
for this link. ]

“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…”

Complete Story

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