Rackable buying SGI for $25 million

SGI has also filed Chapter 11 bankruptcy

Rackable Systems said Wednesday it plans to buy the assets of bankrupt Silicon Graphics (SGI) for roughly US$25 million in cash and will also assume certain liabilities.

SGI filed for Chapter 11 bankruptcy Wednesday in New York.

The asset sale, which is subject to approval by the bankruptcy court, is expected to close within 60 days.

SGI, which had posted a net loss of $49.2 million in the second quarter, will continue operating while the deal closes.

Rackable will discuss the planned purchase in greater detail during.

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