Tandberg Data ASA has filed for bankruptcy in Norway after it was unable to repay a loan from Cyrus Capital, and will use the process to restructure and reduce its debt burden. Tandberg Data ASA is a holding company which owns Tandberg Storage, responsible for tape drive design, manufacturing and OEM sales to the low- and mid- …
Tandberg Data’s debt was not just to Cyrus Capital, Tandberg Data owed significant sums. Not only have many people lost their jobs after, but many companies have lost any chance of receiving their money.
However, Tandberg’s management have sent out letters to their resellers almost implying it’s a good thing, it would seem that some press also seem to prefer to discus bankruptcy as a catalyst to restructure with less debts as opposed to reporting the causes and results e.g. poor management, job losses and the financial impact to many suppliers . Maybe some of these suppliers will be hurt also? Certainly the 100 plus employees that have just lost their jobs may not share the same views.
It would be good for Cyrus Capital, a US Hedge fund, to confirm its long term intentions with the remains of Tandberg. Maybe the press should consider the impact such intentions are likely to have on the resellers before asking them to commit their and their customers futures to a company that could be dropped as soon as Cyrus Capital gain some return and decide to cut their losses.
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