Read-Rite files for Chapter 7 bankruptcy protection

Chicago, June 17 - Read-Rite Corp. said its board of directors has approved the filing of a petition for Chapter 7 bankruptcy protection June 17.

"The board approved the decision to file for bankruptcy protection only after exhausting all alternatives to preserve shareholder value and to fulfill the company's obligations to its creditors and employees," Cyril Yansouni, chairman of the board of Read-Rite Corporation, said in a news release.

The Fremont, Ca.-based company manufactures magnetic disks.

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