SGI files for Chapter 11, agress to $25m buy-out
04/01, 6:10pm
SGI files for Chapter 11
Silicon Graphics Inc. (SGI), which is in bankruptcy protection, has agreed to sell its business to Rackable Systems Inc. for $25 million, unless it receives a higher bid from elsewhere. Rackable makes servers and data-center storage products and would take on certain liabilities and debts associated with SGI, the WSJ reported on Wednesday. The offering represents a 15 percent premium on SGI shares as of their closing on Tuesday.