The Register: MandrakeSoft Mulls Chapter 11 Style Escape, Says
Email
“MandrakeSoft is looking at a Chapter 11-style bankruptcy, to
solve its financial difficulties, according to a leaked email from
one of its executives. The executive has declined to be interviewed
by The Register.“New MandrakeSoft CEO Francois Bancilhon says the liabilities
total about €2 million, but that he’s weighing
all possible choices for resolving the problems. The leaked email,
however, paints a different picture. It describes specific plans to
go with either Chapter 11 or its French equivalent.“The email, sent earlier this month, says going Chapter 11 would
allow MandrakeSoft to renegotiate all liabilities and to clear out
all other problems, because people could be sacked and contracts
easily broken. Chapter 11 is a form of bankruptcy in the US in
which companies try to reorganize. Management may continue to run
the operations, although the bankruptcy court must approve all
significant decisions…”
NewsForge: Mandrake: Rumors of our Imminent Demise are Just
That
“Apparently there are tales going around that there will be no
Mandrake 9.1–that one of the most user-friendly distros around is
not going to be around much longer. Not surprising, what with all
the recent pleas for cash coming from the direction of Paris.“But it’s just not so, says Gael Duval, one of the founders of
Mandrake Linux, whose charge it is now to communicate with curious
reporters. We’d heard tell of a memo floating around with former
CEO Jacques Le Marois’ name on it (he’s still president). Duval
doesn’t confirm or deny the existence of the memo, which
purportedly contains statements to the effect that Mandrake could
file the French equivalent of a Chapter 11 in the near
future…”