| MandrakeSoft emerges from bankruptcy |
Mar. 30, 2004
Leading Linux distributor MandrakeSoft announced today that a French Commerce Court has accepted the company's plan to emerge from bankruptcy protection. MandrakeSoft had reported their first profitable quarter since 1999 at the end of 2003, and as a result of today's agreement says they are now able to return to normal operations.
Paris-based MandrakeSoft had filed for "redressement judiciaire," the French equivalent of US Chapter 11 bankruptcy protection in January of 2003. Under the approved plan, creditors will be repaid an estimated US $5 million or 4.1 Euros over a nine-year period. The court's acceptance of the proposal signals a return to normal operations for Mandrakesoft after a 14-month observation period. In addition to attaining a profitable quarter, MandrakeSoft "normalized" its activities by refocusing its core business on Linux, dramatically reducing costs, optimizing business activities, and by developing high margin revenue lines, said the statement.
MandrakeSoft will release its new version of the Linux operating system, 'Mandrakelinux 10.0 Official' in May 2004. Company plans include the introduction of new products targeting corporate and individual markets over the next few months.
Shares of Mandrakesoft are again being traded on the Euronext Marche Libre exchange (ISIN code MLMAN) and on the US OTC market (Stock symbol MDKFF, according to a company statement.
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