After coming out with daunting losses of $43.8m for 1988, Scientific Micro Systems Inc sees no alternative but to file for protection from its creditors under Chapter XI of the US Bankruptcy Code, which it did on Monday. The Mountain View maker of controllers and peripheral subsystems says that the losses put it in violation […]
After coming out with daunting losses of $43.8m for 1988, Scientific Micro Systems Inc sees no alternative but to file for protection from its creditors under Chapter XI of the US Bankruptcy Code, which it did on Monday. The Mountain View maker of controllers and peripheral subsystems says that the losses put it in violation of financial covenants of its line of bank credit. It retained Stutman, Treister & Glatt to be its bankruptcy counsel.
