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Ciprico Filed for Chapter XI

Largest creditor is Bell Micro which is owed $316,000

On July 28, 2008, Ciprico Inc. filed a voluntary petition in the United States Bankruptcy Court for the District of Minnesota pursuant to Chapter 11 of Title 11 of the United States Code. The Company will continue to operate its business and manage its properties as debtors-in-possession under the jurisdiction of the Bankruptcy Court in accordance with the applicable provisions of the Bankruptcy Code. The Company elected to seek bankruptcy protection to protect and preserve its assets for the benefit of creditors and stockholders and is currently evaluating the alternatives to maximize the value of its assets.

Comments

The company recorded revenues of only $2 million in 1QFY08 ended December 31, 2007. Ciprico was not anymore in compliance with Nasdaq.
Who is going to buy one of the older RAID specialist?

Read also this article from Minneapolis/St. Paul Business Journal:
Ciprico files for Chapter 11

And this other one from the Star Tribune:
Ciprico seeks Chapter 11 protection 

 

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