Pinnacle Micro Wins 5-Week Extension From Creditors
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IRVINE — Financially troubled Pinnacle Micro Inc. received a five-week extension on Wednesday from its creditors.
The company, which makes compact disk storage systems, has until Dec. 15 to settle its trade debts, officials said.
Pinnacle Micro has struggled to pay off its debt for several months. It has hired a consulting firm to help turn the business around and a bankruptcy law firm to deal with creditors. It also has hired an investment banker to raise cash or seek a buyer.
The company also said Wednesday that it has reached a $2.3-million settlement in a 1996 federal class-action lawsuit filed against Pinnacle Micro, and several current and former company executives.
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