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Greenwich, CT, August 18, 2003 -- Peregrine Systems, Inc. filed for Chapter 11 protection under the U.S. Bankruptcy Code on September 22, 2002. To ensure that the current shareholders received an equitable stake in the future of the Company, Seneca Financial Group was engaged to provide financial advisory services and expert testimony regarding the financial feasibility of its Proposed Plan of Reorganization. As financial advisor to the Official Committee of Equity Security Holders, Seneca assisted in the valuation of the Company, the retention of existing shareholder value and other turnaround financial advisory services. The San Diego-based company emerged from Chapter 11 bankruptcy protection on August 7, 2003. Peregrine is the first in the software industry to successfully emerge from its Chapter 11 bankruptcy proceeding as an independent entity. The existing shareholders of the Company will retain up to 37% of the shares of the newly formed Peregrine Systems, Inc. Press Release Index |
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