Sunday, December 18, 2016

Violin Memory Enters Chapter 11, Seeks Auction in January

Violin Memory, which offers flash memory arrays, filed for reorganization under Chapter 11 of the U.S. bankruptcy code.  The company said its will streamline its operations and balance sheet, while simultaneously pursuing a sale of its business. The company is seeking to hold an auction in early January for the business.

Violin Memory, founded in 2005, said its assets include annual recurring service revenue, a portfolio of 58 US Patents/24 pending, a single O/S for public, private and hybrid cloud environments, integrated hardware and software solutions, and a customer base that includes some of the largest enterprises in the world.

Kevin A. DeNuccio, Violin Memory's President and CEO stated: "We are taking this action, which should conclude by the end of January 2017, to bolster Violin's ability to serve the needs of its customers. Violin intends to continue to sell solutions to customers and prospects as well as service and

http://www.violin-memory.com

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