Troubled Belgium-based speech-software vendor Lernout & Hauspie has been granted a delay in its hearing before a US bankruptcy court, which will assess its application for DIP (debtor in possession) financing.
L&H requested that the hearing
The company is seeking $60 million to finance loans and fund its future operation.
The company, with headquarters in Belgium and America, has filed for bankruptcy-protection in both countries, following a string of embarrassing revelations about alleged questionable customer numbers and financial dealings in Asia. A number of top executives recently resigned from the company.
The company will have sufficient funds to operate normally in the interim, including paying its employees, L&H said in a statement.