After a downward spiral of debts and losses that caused SGI to file for Chapter 11 bankruptcy protection back in May, the company's internal reorganization plan has been approved and it is now ready to emerge next month. The new SGI will have a new board of directors, new top management, fewer employees (1600, down from 2200,) and financial backing via an $85 million loan from Morgan Stanley and a $30 million line of credit from General Electric Capital. Thanks to these changes, SGI hopes to become profitable again by the end of the 2007 fiscal year, which ends on June 30, 2007.
The company's bid to return to profitability will be aided by its increased focus on cheaper x86 servers based around Intel's Xeon processors. Dennis McKenna, SGI's CEO, says his company considered using AMD Opteron chips. However, he claims that acknowledging AMD's success is "like looking in the rearview mirror" now that Intel's Xeon "Woodcrest" chips are out.
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