SGI said it has reached a voluntary agreement with its debt holders to trade their debt for equity stakes in the Mountain View, Calif., company. Under the arrangement, bondholders, who are owed about $191 million, will receive a 25% stake in the company.
Monday's announcement was the latest in a long series of moves aimed to save the company, which is facing fierce competition from cheaper and increasingly more powerful personal computers.
Read the full story on eWEEK.com: Silicon Graphics Goes Chapter 11
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