Peregrine to emerge from bankuptcy in August

Infrastructure management software supplier Peregrine Systems has reached consensus on a reorganisation plan with its creditors and shareholders.

The agreement paves the way for the company to emerge from bankruptcy in August.

Under the plan, Peregrine's bondholders would receive 63% of the stock, and 33% would be shared by existing stockholders and others.

The remaining 4% of the stock would be allocated between the two groups based on a resolution of some unliquidated claims.

The plan is yet to be approved.

Peregrine filed for bankruptcy on 22 September as a result of accounting regularities.

Linda Rosencrance writes for Computerworld