|| ||=?ISO-8859-1?Q?Ga=EBl_Duval?= <gduval-AT-mandrakesoft.com>|
|| ||"LWN.net" <lwn-AT-lwn.net>, lxer-AT-lxer.com|
|| ||Mandrakesoft Exits Bankruptcy|
|| ||Tue, 30 Mar 2004 15:34:48 +0200|
Mandrakesoft Exits Bankruptcy
FOR IMMEDIATE RELEASE
Altadena, CA; Paris, France; March 30th, 2004 - The Commerce Court
today accepted Mandrakesoft's exit plan from 'redressement judiciaire'
(Chapter 11 like protection). The plan was approved as proposed by
the company and its court appointed administrator.
The plan provides for the payment of creditors, without
recapitalization as a precondition, over a period of nine years. The
turnaround was largely made possible by improvements in the company's
financial results -- Mandrakesoft recently recorded its first
profitable quarter since 1999. This signals the return to normal
operations for Mandrakesoft after a 14 month observation period.
Mandrakesoft chose the Chapter 11 like protection status in January
2003. During the observation period, the company normalized its
activities by refocusing its core business on Linux, dramatically
reducing costs, optimizing business activities, and by developing high
margin revenue lines. As a result of restructuring, Mandrakesoft
recorded it first quarterly profit since 1999 of 270,000 EUR on 1.42M
EUR of revenue during the period between October 2003 and December 2003.
On a related note, shares of Mandrakesoft are again being traded on
the Euronext Marché Libre exchange (ISIN code MLMAN) and on the US OTC
market (Stock symbol MDKFF).
Mandrakesoft will release its new operating system "Mandrakelinux 10.0
Official" in May 2004, and plans to announce in upcoming months
several new products for the corporate and individual markets. The
company also recently closed several deals with government and
Gaël Duval <email@example.com>
Mandrakesoft is the publisher of the popular Mandrakelinux operating
system, one of the most full-featured and easy to use Linux systems
available. The company offers its enterprise, government and
educational customers a complete range of GNU/Linux and Open Source
software and related services. Mandrakesoft products are available in
more than 120 countries through dedicated channels and also from
MandrakeStore.com, the company's online store. Number 1 in several
countries, Mandrakesoft has won many awards for quality and technical
innovation. "Born on the Internet" in late 1998, Mandrakesoft has
offices in the United States and France. Mandrakesoft is traded on
Paris Euronext Marché Libre (ISIN Code: FR0004159382/MLMAN; Reuters
code: MAKE.PA) and the US OTC market (stock symbol MDKFF).
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