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Technology / AI and automation

STORAGETEK PARTNERS II FILING RAISES QUERY OVER REORGANISATION

Limited research and development partnership Storage Technology Partners II has filed a request for the US bankruptcy court in Denver to clarify which, if any, partnership claims will continue to exist against StorageTek once the Louisville, Colorado company emerges from its reorganisation proceedings. Partners II was organised to develop high-speed optical disk drive technology for StorageTek. The company’s reorganisation plan states that certain claims may survive confirmation of the plan and could be asserted at a later time. According to Harris Ravine, chief administrative officer of StorageTek, We have had ongoing discussions with representatives of the partners to resolve these issues, just as we have done with many other claimants. StorageTek has expected that such a procedural filing would occur and believes that any potential exposure is adequately covered. We do not believe that this filing will delay our June confirmation or emergence from Chapter XI.

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CBR Staff Writer

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