Bankruptcy
Peregrine filed for Chapter 11 protection on September 23, 2002 after laying off 1400 employees, or nearly half its workforce. When Peregrine filed for federal bankruptcy protection and eventually canceled its common stocks, more than $4 billion in shareholder equity was lost. After filing, the company sold the Remedy division of the company to BMC Software for more than $300 million dollars. Peregrine exited Chapter 11 reorganization in August 2003, and the president and CEO, Gary Greenfield, left the company. Retired software executive John Mutch became president and CEO in August 2003.
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