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February 06, 2012

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Bankruptcy News

U.S. Bankruptcy Court Approves SGI's Disclosure Statement For Voting Purposes

MOUNTAIN VIEW, Calif.— Silicon Graphics (OTC: SGID) announced today that its Disclosure Statement has been approved by the U.S. Bankruptcy Court for the Southern District of New York thereby enabling the Company to continue on its path toward emerging from chapter 11 by the end of September.

At a hearing in New York, the Honorable Burton R. Lifland ruled that SGI's Disclosure Statement contained adequate information for the purpose of soliciting creditor approval of SGI's Plan of Reorganization. The Plan is supported by the Official Creditors' Committee, the Ad Hoc Committee of Senior Secured Noteholders and the largest holder of Silicon Graphics' Unsecured Debentures. SGI will commence mailing of the Plan and Disclosure Statement by August 3, 2006.

A hearing for the court to consider confirmation of the Plan has been scheduled for September 19, 2006. Certain other motions related to employees and financing were also approved.

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Did You Know?

There are defined legal debtor rights
Debtor-creditor law governs situations where one party is unable to pay a monetary debt to another. While you have an obligation to pay your bills on time, there are laws to protect your rights if you should find yourself being pursued by a debt collection agency.

	Newsroom
	News about Bankruptcy in Kansas and nationwide: U.S. Trustee Program Announces Stipulated Agreement WASHINGTON, D.C.–The United States Trustee Program announced today that it ... Read more > New Bankruptcy Law 2005 Beginning on October 17, 2005, most individual debtors filing for bankruptcy relief were required to complete either Official Bankruptcy Form B22A ... Read more > Personal Bankruptcy Filings Doubled In Last Decade As Consumer Debt Reached Record Levels There was one bankruptcy filed for every 73 U.S. households during calendar year 2003, up 97 percent from the 144 U.S. households per bankruptcy fi... Read more > More Bankruptcy News >

Bankruptcy Terms

Today's Terms

Chapter Seven

Definition:
Liquidation proceedings; generally assets are sold by a trustee and the company ceases operation. (Individuals may file Chapter 7 also.)

Automatic stay

Definition:
The suspension of actions, such as debt collection or foreclosure, against the company in bankruptcy. Occurs automatically when the bankruptcy petition is filed.

Voluntary bankruptcy

Definition:
Bankruptcy filed by the debtor itself; data from the U.S. Administrative Office of the Courts subdivides bankruptcies into voluntary and involuntary.

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Bankruptcy Resources

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Bankruptcy Hot Topics

Topics Related to Bankruptcy:

Chapter 7
Chapter 13
Chapter 11
Chapter 12
Chapter 9

Kansas Bankruptcy Attorney

If you live in the following cities and need a Bankruptcy attorney you should contact our Bankruptcy Attorney as soon as possible:

Derby
Dodge City
Emporia
Garden City
Hays
Hutchinson
Junction City
Kansas City
Lawrence
Leavenworth
Lenexa

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Manhattan
Newton
Olathe
Overland Park
Pittsburg
Prairie Village
Salina
Shawnee
Topeka
Wichita

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