Crista Souza EBN (10/16/2002 8:08 PM EST)

3dfx Interactive Inc. today announced it has filed for Chapter 11 bankruptcy protection with the federal bankruptcy court in San Jose.

"At this juncture, we believe that the bankruptcy process provides the best means of enabling us to repay our creditors," said Richard A. Heddleson, president and chief executive of 3dfx.

Last year, 3dfx sold its intellectual property and assets to rival Nvidia Corp. for $112 million.

The troubled graphics processor supplier, considered the gold standard for PC graphics as recently as three years ago, never recovered from a production hiccup that caused it to miss its product delivery schedule.