MOUNTAIN VIEW, Calif., July 27 /PRNewswire-FirstCall/ -- Silicon Graphics announced today that its Disclosure Statement has been approved by the U.S. Bankruptcy Court for the Southern District of New York thereby enabling the Company to continue on its path toward emerging from chapter 11 by the end of September.
At a hearing in New York today, the Honorable Burton R. Lifland ruled that SGI's Disclosure Statement contained adequate information for the purpose of soliciting creditor approval of SGI's Plan of Reorganization. The Plan is supported by the Official Creditors' Committee, the Ad Hoc Committee of Senior Secured Noteholders and the largest holder of Silicon Graphics' Unsecured Debentures. SGI will commence mailing of the Plan and Disclosure Statement by August 3, 2006. A hearing for the court to consider confirmation of the Plan has been scheduled for September 19, 2006. Certain other motions related to employees and financing were also approved.
The amended Plan and Disclosure Statement will be available at http://www.sgi.com/reorg . The documents also will be available via the court's website at http://www.nysb.uscourts.gov/ . Please note that a PACER password is required to access the documents via the court's website. SGI's bankruptcy case number is 06-10977 (BRL).
Forward-Looking Statements
This news release contains forward-looking statements relating to future events or expected financial performance that involve risks and uncertainties. Factors that might cause such a difference include, but are not limited to: the effects of our chapter 11 filing; our ability to maintain adequate liquidity; and our ability to obtain and maintain normal terms with customers, suppliers and service providers. These and other risks are or will be detailed from time to time in SGI's periodic reports that are filed with the Securities and Exchange Commission, including the Form 8K filed on July 14, 2006 and SGI's quarterly report on Form 10-Q for the quarter ended December 30, 2005. Silicon Graphics is under no obligation to publicly update or revise any forward-looking statements, whether changes occur as a result of new information, future events or otherwise.
SILICON GRAPHICS | The Source of Innovation and Discovery(TM)
SGI, also known as Silicon Graphics, Inc., is a leader in high-performance computing. SGI helps customers solve their computing challenges, whether it's sharing images to aid in brain surgery, designing and manufacturing safer and more efficient cars and airplanes, studying global climate, providing technologies for homeland security and defense, enabling the transition from analog to digital broadcasting, or helping enterprises manage large data. With offices worldwide, the company is headquartered in Mountain View, Calif., and can be found on the Web at http://www.sgi.com/ .
NOTE: Silicon Graphics, SGI, the SGI cube and the SGI logo are registered trademarks, and The Source of Innovation and Discovery is a trademark of Silicon Graphics, Inc., in the United States and/or other countries worldwide. All other trademarks mentioned herein are the property of their respective owners.
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