SiliconBeat

Ampex, the long-time, once-venerable Silicon Valley company that pioneered recording media, got the OK Friday from the U.S. Bankruptcy Court for the Southern District of New York on the its reorganization plan. Not a surprise, of course, as those creditors “entitled” to vote on the plan approved it “overwhelmingly” back in July, according to the press release Ampex put out this morning. ) No word on what those creditors who weren’t entitled to vote think about the plan. Or the stockholders of the pre-bankruptcy Ampex, who are out of luck.

The company also reported receiving $5 million in new funding from Hillside Capital, the same firm to which Ampex owes tens of millions of dollars. The cash infusion helped Ampex tout the fact that its emerging from bankruptcy “as a going concern.” Well, whopee!

Probably not very happy about the reorganization is ValueVest, which was formerly Ampex’s largest investor owning 13.4 percent of its outstanding shares, who, this time last year was trying to mount a hostile bid to buy Ampex’s sizeable patent portfolio and spin them off into a new company.

As it re-emerges from the safety of bankruptcy procedings, Ampex has a new largest investor: Hillside Capital, which now owns 95 percent of the shares in the “new” Ampex.