As expected (CI No 3,186) Streamlogic Corp, the disk subsystem integrator once known as Micropolis Corp, has filed for Chapter 11 bankruptcy protection, following its $20m loss last quarter. The mounting losses, coupled with litigation problems have finally pushed it over the edge. And effective June 25 1997, the company’s securities were de-listed from Nasdaq, based on a combination of the stock price, market capitalization and level of net tangible assets. Streamlogic said it is working on a reorganization plan which includes significant staff reductions, a move from the company’s present base in Menlo Park, California, and a consolidation of manufacturing , engineering and research an development into a single facility in Northern California.
DISK INTEGRATOR STREAMLOGIC OFF NASDAQ, FILES CHAPTER 11
