Napster files for Chapter 11

Written by Petteri Pyyny @ 03 Jun 2002 12:02 User comments (2)

Napster has filed, as everyone already expected after it sold its assets to German Bertelsmann, for Chapter 11 of the U.S. Bankruptcy Code.

The decision doesn't mean that company has vanished, but instead it gives company protection from its creditors until company restructures. Its assets were valued at $7.9M and it has liabilities of over $100M, including hefty bill to its attorneys caused by the lengthy war against RIAA and music companies which began in late 1999.

Source: News.com

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2 user comments

14.6.2002 4:22

A_Klingon

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Pooooo..... Pity too because when they were a going concern, I downloaded 108 full albums (some on pressed vinyl, never released on cd), and 323 individual singles. --K.A.--

27.6.2002 9:56

butch

Inactive

with napster it was good,because i found old music that i wanted,cant buy them any more.

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