Tandberg Data Units File for Bankruptcy, Restructuring

Tandberg Data announces comprehensive business and financial restructuring

April 28, 2009

2 Min Read
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OSLO, Norway --

  • Tandberg Data ASA and Tandberg Storage ASA filed for bankruptcy in the Norwegian courts on Friday, April 24th 2009

  • Tandberg Data subsidiaries; Tandberg Data Corporation in the US, Tandberg Data Japan, Tandberg Data Singapore, and Tandberg Data in Europe will continue with day to day operations without interruption

  • TAD Holdings AS will own all the existing Tandberg Data subsidiaries

  • Cyrus Capital will acquire the assets of the company, and be the major owner of TAD Holdings AS

  • The operational HQ for the company will be Dortmund, Germany

Tandberg Data, the global supplier of backup and archiving solutions, today announced that both Tandberg Data ASA and Tandberg Storage ASA have filed for bankruptcy in the Norwegian courts on Friday, April 24, 2009. Tandberg Data subsidiaries; Tandberg Data Corporation in the US, Tandberg Data Japan, Tandberg Data Singapore, and Tandberg Data in Europe will continue operation without interruption. Tandberg Data remains 100% focused on serving customers worldwide through continued investments and support of its product portfolio to fulfill customer needs.

Tandberg Data has been unsuccessful in repaying a lapsed loan from Cyrus Capital. As a result Cyrus Capital had no other option other than to enforce their pledges of their loan. As Tandberg Data did not have sufficient capital to repay the loan, it had no alternative than to file for bankruptcy for the holding company, Tandberg Data ASA, and Tandberg Storage.

The Board of Directors of Tandberg Data made the decision to file for bankruptcy after consideration of all other alternatives, including a rights issue, which was unsuccessful. This process will allow Tandberg Data to deal with its cost and debt burden, to effectively restructure its operations and to continue its strategic direction of broadening its focus from being a tape company to a company that provides data protection solutions, including tape, disk, software and services.

Tandberg Data ASA

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