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HUGE/Ciprico declares Chapter 11 !
read this quick, because I know that this will be pulled from The Cow as soon as management sees this –
Bob Zelin (always looking for trouble !)
Dear Valued Customer,
On July 28 at 4:15 PM Central time in the USA, Ciprico filed for chapter 11 bankruptcy protection. During the protection period, we will continue to operate as a company and ship/supply product to you as we have always done. We want to take this opportunity to assure our customers that we have every intent of emerging from bankruptcy both a stronger and more viable company with the ability to serve our customers for many years to come.
The company is in discussions with several large companies with the view to securing a long term financial and strategic partner, which may include the acquisition of Ciprico or its assets. The technology we have developed over the past few years based on a pure software based, multicore accelerated technology has continued strong and we believe we have an excellent portfolio of new products on the cusp of being released that will greatly benefit Ciprico’s customers as it moves into a new phase post bankruptcy.
Below is a list of frequently asked questions which we hope will answer the bulk of any questions you may have. Of course, as always, please feel free to contact your local Ciprico salesperson or representative who will be more than happy to answer any questions you may have to the best of their ability.
Best Regards,
Steve Merrifield
President and CEO, Ciprico Inc_________________________________________________________________________
Frequently Asked Questions
What is Chapter 11 bankruptcy?
Chapter 11 is NOT a liquidation of the company. It is designed to give companies an opportunity to reorganize their finances while giving them a breather from creditor pressures. Our intent during the chapter 11 is to continue to operate the business and provide the same great level of service and support you received pre-bankruptcy. The definition from the SEC website is as follows:
Federal bankruptcy laws govern how companies go out of business or recover from crippling debt. A bankrupt company, the “debtor,” might use Chapter 11 of the Bankruptcy Code to “reorganize” its business and try to become profitable again. Management continues to run the day-to-day business operations but all significant business decisions must be approved by a bankruptcy court.
Why did Ciprico file for Chapter 11?
Principally because of cash flow and need to protect the day-to-day operations of the company and remain in business. While we believe we have a solid path to profitability, due to a number of unforeseen circumstances tied to both the current industry climate and certain investments made in the real estate market, the company finds itself very short of cash for the immediate term and was forced to file in order to protect both the company, its customers and employees.
When does Ciprico Intend to come out of bankruptcy?
That depends on any new strategic partnership that we may enter into and may take anywhere from a few weeks to a few months. Our goal is to emerge from chapter 11 as quickly as possible once we have a transaction with our strategic partners in place and our plan has been accepted by the creditors and the court.
Will this impact any orders in place, products I already have, or new products I want to order?
Not at all. Chapter 11 allows us to operate the business in the ordinary course and we intend to honor all orders and current warranties in place, and will continue to accept orders for new products.
What about warranty and service?
We will honor all outstanding warranties and continue to service our customers with the same reliable service they have come to expect in the past.
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6 Replies
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Wow, that is sad. Really good gear, but obviously high cost Fibre Arrays are just not what folks are buying these days.
Walter Biscardi, Jr.
Biscardi Creative Media
HD and SD Production for Broadcast and Independent Productions.STOP STARING AND START GRADING WITH APPLE COLOR Apple Color Training DVD available now!
Read my Blog!
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I’m very late to the discussion here… What is the current status of Ciprico? Any hope of getting technical support from anywhere?
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Ok… I guess One Stop Systems is the new home of MediaVault. onestopsystems.com…
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It’s almost 2011, and you are first becoming aware of this ?
You are still using SCSI drives ? What version of FCP are you using ? Are you still running on a G5 ?Bob Zelin
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They are fiber channel systems and we haven’t had a problem with them so we never checked up on ciprico! 🙂 Running 10.6.7 and the latest FCP. Worked flawlessly up until just recently… I think it’s got one bad drive. Will be switching over to Premiere soon and probably Windows…
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You have lots of great choices for Fibre chassis if you want to stick with Fibre. AS you may know, SAS/SATA is much cheaper today than Fibre. There are lots of companies on Creative Cow that advertise these types of arrays. A modern 8 bay chassis will give you 900MB/sec, and a modern 16 bay chassis will give you 1600MB/sec.
As for PC’s – the HP Z800 is a fantastic PC to run Premier on, and of course, you can continue to use a new MAC Pro, which may be cheaper than the HP Z800.
Bob Zelin
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