Tandberg Data, the global supplier of backup and archiving solutions, has 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 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.
The company says 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.