Court Liberates Liberate from Chapter 11

The U.S. Bankruptcy Court for the Northern District of California dismissed Liberate Technologies’ Chapter 11 bankruptcy case Thursday.

The court ruled that the interactive-TV-software vendor “has cash well in excess of its liabilities and is not otherwise entitled to bankruptcy protection.”

The company intends to appeal in order to realize the potential benefits of bankruptcy protection.

“We firmly believe in our bankruptcy case and intend to vigorously appeal," Liberate chairman and CEO David Lockwood said in a prepared statement.

"As we have throughout this process, we will continue to operate our business, marketing to new customers and providing ongoing support to existing customers,” he added. “The appeals process will continue in parallel with our plans to grow our business and to increase shareholder value."