Peregrine recovery plans approved
Information management software company Peregrine Systems will emerge from chapter 11 bankruptcy protection next month, after receiving judicial approval of its reorganisation plan.
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The presiding judge last week ruled that the company had now satisfied the necessary requirements of its ‘Plan of Reorganisation’ – which earlier this month gained approval from Peregrine’s creditors and shareholders.
Another hurdle was removed when the Securities and Exchange Commission withdrew its claim on 8 July for ‘monetary penalties and disgorgement’ – a fine – lodged on 30 June.
‘We are nearing the end of our reorganisation with the Court’s confirmation of the plan standing as one of the final milestones,’ Peregrine chief executive Gary Greenfield said in a statement.
‘We expect to emerge from the chapter 11 process in August,’ he said.
The company filed for chapter 11 bankruptcy protection in September last year. Peregrine was then required to re-state accounts for the previous 11 quarters from the beginning of 2000.
Before that time San Diego-based Peregrine had grown fast, partly through a series of software company acquisitions.
For one of these, Remedy service management, Peregrine paid $1.2bn in August 2001. Following the chapter 11 filing, Peregrine sold Remedy on to BMC for a knock-down $350m.
Peregrine has more than 3,500 customers worldwide, primarily users of its AssetCenter consolidated asset management and ServiceCenter service management products.