Page Two

By Paula Musich  |  Posted 2002-11-21 Print this article Print

: BMC Closes Remedy Deal for $355 Million"> Peregrines sale of its Remedy business unit was undertaken as part of a court-approved auction conducted earlier this month. The software maker has been suffering since May 2001 when accounting irregularities to the tune of $100 million were discovered.
Since that time the company has suffered a management hemorrhage—losing its CEO, CFO and chairman—shareholder lawsuits, a restatement of its finances for fiscal years 2000, 2001 and 2002, and a delisting from the NASDAQ stock exchange.
As a result, this fall Peregrine Systems and Peregrine Remedy Inc. filed for reorganization under Chapter 11. The proceeds of the Remedy sale will be used, in part, to repay the $54 million in debtor-in-possession financing provided by BMC to Peregrine.


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