San Jose-Based Tripath Technology Files for Chapter 11 Bankruptcy Protection

San Jose, Calif. -- Tripath Technology, a developer of power amplification technology to the digital media, consumer electronics and communications markets, said that it has filed for Chapter 11 bankruptcy protection. The company said that it will ask the court to allow it to continue operations. Tripath revealed in late December that it needed to either find a buyer or secure additional financing to prevent the holders of its debentures to potentially force it into an involuntary bankruptcy proceeding. The company also said that it did not have sufficient cash or other resources to even complete its financial statements for fiscal 2006, and had been able to operate since the end of August only by collecting advance payments from distributors, reducing its payroll expenses and delaying making payments to those it owed.
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