Virtualization router vendor Vicom Systems Inc. has filed for Chapter 11 bankruptcy protection earlier this month -- but the company says it's still in business and that it actually just came out of a profitable quarter.
The Fremont, Calif., company filed for bankruptcy in the U.S. Bankruptcy Court for the Northern District of California (case no. 03-42605) on May 1, 2003. Samuel Tam, the company's CEO, claims that Vicom will be in a better position to bounce back now that it has filed for bankruptcy.
"As a result of the economic downturn, Vicom is facing a few financial liabilities that prevent viability moving forward," he writes in an email to Byte and Switch. Yep, those pesky accounts payable are getting in the way again.
Continues Tam: "The Chapter 11 process enables Vicom to finish the restructuring while continuing to offer our innovative storage solutions." So it's an innovative but insolvent concern, then.
However, at the same time, he claims that Vicom just had a profitable first quarter of 2003. Tam also says the company's new data migration product is "progressing well," and that Vicom has successfully completed a number of data migrations for Fortune 500 customers; however, he was unable to name those customers.
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