Adaptive Broadband Corporation Files a Voluntary Petition for Chapter 11.Business Editors SUNNYVALE, Calif.--(BUSINESS WIRE) Adaptive Broadband Corporation today announced that it has filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code Bankruptcy Code may refer to:
San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif. The Company currently plans to pursue an orderly wind down of its operations and sale of its assets and business through the Chapter 11 process. In addition, Nasdaq has informed the Company that its decision to delist the Company's securities from the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. , which was effective on May 22, 2001, has been reviewed and upheld. The Company also announced the resignations of four of its five directors. Dr. Daniel L. Scharre, the Company's president and chief executive officer, remains as the Company's sole director. |
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