Thinking Machines Cuts Staff by Third/Reorganizes Under Chapter 11

[David Farber <farber () central cis upenn edu>]

Thinking Machines Cuts Staff by Third/Reorganizes Under Chapter 11   Aug 15
NEWS FLASH                                                           HPCwire
=============================================================================


  Cambridge, Mass. -- It was reported to HPCwire this morning that Thinking
Machines, a pioneer in massively parallel processing, is laying off
approximately one third of its 425 employees and plans to reorganize under
the protection of Chapter 11.


  An official statement from the company stated they will be using the
court protection to refocus its business, and that Thinking Machines will
continue to support its existing customer base and aggressively market its
technology through licenses to other companies.


"Unfortunately, speculation about the company's continuing viability has led
to a significant reduction in bookings. Under these circumstances, we have
decided the best course of action is to refocus our resources on supporting
our current customers," explained Richard Fishman, president of Thinking
Machines.


  See this week's issue of HPCwire which will include an exclusive interview
with a top TMC executive.