Silicon Graphics, Inc. Discloses Notice of Technical Default for Subordinated Convertible Debentures

Silicon Graphics News
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Silicon Graphics, Inc. (NYSE: SGI – News) disclosed that it received a notice of default from a purported holder of more than 25% of its 6.125% Convertible Subordinated Debentures due 2011 (the “2011 Debentures”), which SGI assumed when it acquired Cray Research in 1996. The notice alleged that the indenture for the 2011 Debentures was breached in 2000 when SGI sold assets relating to certain former Cray Research product lines to Tera Computer Company (now known as Cray, Inc.) without causing Tera to assume the indenture.
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