Friday, November 30. 2007

Update: SANZ Looks to Bankruptcy or Sale

Update: The company has filed for bankruptcy under section 7.

- CRN

--- original post 11/27/07 ---

I guess I didn't think about it much when GISers started jumping ship (see for example, folks going to TerraGo), but I guess they saw something wrong. Last Friday, most of the staff was let go per CMP. Apparently the firm is up for sale (better option) or whill head into bankruptcy (worse option). The company offers data storage solutions and used to have a geospatial arm. SANZ sold off its EarthWhere division, which developed software to manage geospatial data to SPADAC for $600,000 back in August.

What caused the layoffs and planning for the worst? SANZ purchases over half of its products from Avnet, which it now owes $2.9 million. Avnet sent SANZ a letter of default earlier this month saying $1.3 million is past due and refusing further sales on credit. In addition, Sun Capital Partners II announced it will cease funding the company.

Posted by Adena Schutzberg at 09:31 | Comments (0) | Trackbacks (0) |

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