MandrakeSoft files bankruptcy exit plan

Posted by VISITOR on Mar 5, 2004 6:45 AM EDT
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In an email sent today to shareholders, and following recent good financial news, Mandrakesoft announced the filing in January of a plan to exit the Chapter-11 like protection status. The company also announced that the company's stock will resume trading on Euronext on next monday (March 8th).

"Chapter 11 like exit plan filed stock trading to resume on march 8, 2004

The court appointed Administrator has filed the "redressement judiciaire" (Chapter 11 like) exit plan for the company.

The plan proposes the repayment of 4.1 million euros of liabilities over a 9 year period without interest. Of this, 3.3 million euros is exigible and 0.8 million euros is conditional upon certain events. The plan allows Mandrakesoft to repay its liabilities from revenues without raising additional capital. The Court will rule on the plan in the coming weeks.

Additionally, the company has received to date subscriptions for an additional 358,000 shares at a price of 2.10€ per share via warrants issued to existing shareholders in May 2002 and expiring on April 15, 2004. The subscriptions are conditional on the acceptance of the "redressement judiciaire" exit plan. Pending the acceptance of the plan, the funds are being held in an escrow account. This will further strengthen the capital base of the company.

Based on this information, the company has asked Euronext to re-list its stock on the Marché Libre. Trading will resume with the 14:00 GMT fixing on Monday, March 8, 2004.

Since July 30th , 2001, the company is listed on Euronext March Libre and OTC US

Euronext: ISIN: FR0004159382, Mnemo: MLMAN, Reuters: MAKE.PA, Bloomberg: MAND OTC US: MDKFF Number of shares : 3,666,953 "

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