The first bit of good luck this company's seen for ages...
Published: 18 September 2001 18:55 GMT
Belgian speech technology specialist Lernout & Hauspie has managed to sell its restructuring plan to its creditors.
The company won 90 per cent of the 150 votes cast by creditors, according to Reuters. However, the company must still get the go ahead from a local commercial court to implement the plan, which includes laying off 30 per cent of staff and shutting down half its plants.
The beleaguered company has suffered probably its worst 12 months. It has faced an investigation for reporting irregularities, the expulsion of the company's founders, and a delisting from the Nasdaq exchange after losing $10bn in market capitalisation.
L&H filed for bankruptcy protection in January and since then has walked a tightrope between collapse and prosecution.
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