Silicon Graphics Seeks Bankruptcy Protection
Silicon Graphics Inc. has filed for bankruptcy protection under Chapter 11 on May 8, 2006, after a round of restructuring measures failed, and signed an agreement with its lenders to reduce the companys debt by about $250 million, according to SGI officials.
In court papers, SGI said it had been challenged by delays in introducing new technology, a focus on more specialized markets and more intense competition from larger rivals.