Troubled IP telephony provider Zultys Technologies has filled for bankruptcy under Chapter 11 in the Northern District of California court.
According to case details from the U.S. Bankruptcy Court, Northern District of California, Zultys Technologies has "filled voluntarily under chapter 11". The first creditors' meeting is set for the 4th October.
The U.S. Securities and Exchange Commission terms Chapter 11 as: "A bankrupt company might use Chapter 11 of the Bankruptcy Code to "reorganise" 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."
The news comes only a month (CRN, 7 August) after Ian Milnes, president of Zultys, told CRN: “We are [operating] at a reduced size, but still building and shipping products. Now we have scaled back we are profitable, and the urgency for funding is not so great. We have time to find the right investment partner for a smaller round of funding.”
Zultys was unavailable for further comment.
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