Advertisement

Channel programs News

5 Companies That Had A Rough Week

Rick Whiting

Tintri Reportedly Running Out Of Cash, Lays Off Much Of Its Staff

Storage array tech developer Tintri has reportedly laid off up to 200 of its workers -- about 80 percent of its staff -- and is close to running out of cash, according to a report on The Register website.

A story on the ComputerWekly website said Tintri, with its cash burn rate, could be looking at a bankruptcy filing as soon as July.

In a statement issued June 15, the company said it was "currently in breach of certain covenants under its credit facilities and likely does not have sufficient liquidity to continue its operations beyond June 30, 2018."

Last week CEO Thomas Barton resigned from the Mountain View, Calif.-based company, according to a filing with the U.S. Security and Exchange Commission. Barton was just hired March 13.

Tintri's stock, which hit $6.55 a share on March 9, has steadily fallen, hitting 14 cents per share at the close of trading Thursday.

 
Advertisement
Advertisement
Sponsored Post
Advertisement
Advertisement