Financial Accounting Blog

Monday, November 03, 2003

Redback submits proposal to re-buy stock to stay on active stock exchange as part of bankrupcy filing. Since they did not get enough stockholders to vote on their plan, they were forced to file CH 11 today. Redback feels they can return to a profit state by the end of FY04 or certainly by mid FY05. Redback is a minor rival of Cisco.