Mandrakesoft Exits Bankruptcy
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 corporate clients.
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About Mandrakesoft 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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