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April 30, 2009

Court Approves SGI Sale to Rackable

Addison Snell

A source within the U.S. Bankruptcy Court, Southern District of New York, confirmed that Judge Martin Glenn ruled today to approve the sale of assets of Silicon Graphics, Inc. to Rackable.

 

Rackable initially announced on April 1 its intent to purchase “substantially all” of SGI’s assets for $25 million in cash. For the past two weeks, rumors had circulated that other vendors might enter the bidding process. This ruling finalizes the sale to Rackable.

 

In an earlier blog I commented on how things went wrong for SGI, a Silicon Valley icon that was once an epitome of innovation. In SGI, Rackable acquires not only potentially valley assets, but the battered soul of an HPC high-flyer. In the next chapter, we’ll learn what Rackable can make of it.