[Mono-list] MandrakeSoft files for bankruptcy
Tue, 21 Jan 2003 18:54:09 +0530
This is very interesting and also sad...
TOKYO - LINUX distributor MandrakeSoft S.A. has filed for bankruptcy
protection at a court in its home country of France, the company said
The company said a series of quarterly losses led to the filing of
"declaration de cessation des paiements" but that current operations will
continue including the release of version 9.1 of its software due in April.
The filing, which occured on Jan. 13, is similar to U.S. Chapter 11
reorganization, it said in a brief statement posted on its web site.
MandrakeSoft posted a net loss of ¬6.1 million (US$6.0 million) on revenue
of ¬4.7 million in the previous fiscal year, which ended in September 2002.
That represented a 31 percent increase in revenue and losses were more than
halved from the previous year, according to a company statement.
Financial problems at the Paris-based company came to light last year when
an appeal appeared on its web site asking users to contribute to a Mandrake
Linux Users Club and Corporate Club. Money raised would be used to help
support the company and support development of future distributions of its
software, it said at the time. It also predicted financial break even by the
end of 2002.