Storage integrator SAN Holdings Inc. yesterday filed for bankruptcy, according to an SEC filing, after essentially shuttering itself last Friday.
In an 8-K report dated November 27, SANZ said it filed for Chapter 7 relief with the U.S. Bankruptcy Court for the District of Colorado.
SANZ CEO Todd Oseth broadcasted this email to employees last week:
"We were not successful in negotiating with our current creditors and we were not able to find new funding after Sun Capital stopped their line of credit with the company. Unfortunately, that means that on the close of business on Friday, November 23, 2007 all employees are terminated. The company does not have sufficient funds to be operational. The company will be in contact with you so you can receive your last check and the return of corporate assets. We will try to keep the email system operational for as long as possible."
The CEO resigned effective November 26, as did CFO David I. Rosenthal and directors Kent J. Lund, George Rea, and Daryl Hollis, according to yesterday's SEC filing. Calls to SANZ's offices in Englewood, Colo., were not returned.
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