MandrakeSoft gets bankruptcy protection

By Stephen Shankland
Staff Writer, CNET News

A French court has granted a six-month bankruptcy protection period to Linux seller MandrakeSoft, the company said Wednesday. The French Commercial Court confirmed the observation and protection period on Monday and appointed an administrator to assist the company, said co-founder, chairman and former CEO Jacques Le Marois in a statement.

"MandrakeSoft welcomes this latest news as a positive step to achieving solid financial restructuring which will make the company profitable," the company said. Mandrake filed for bankruptcy protection two weeks ago in an attempt to restructure its debts. The company also might try to raise more money, Le Marois said.

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