Cases
CourtFilingsPetition dateMore filters
Wave Computing, Inc. opened chapter 11 on April 27, 2020 in the Northern District of California after product setbacks in its Cayenne AI chip architecture, failed liquidity efforts, COVID-19 market disruption, and creditor/investor litigation. The Santa Clara AI and MIPS IP licensing company filed with six affiliates and 31 employees, carrying $13.4 million of Tallwood secured debt and $2.1 million of unsecured convertible notes. Tallwood was the equity sponsor, prepetition secured lender, and proposed DIP lender; the debtors sought a DIP facility with a $13.4 million roll-up and $14.5 million of new money to keep the business operating through the restructuring source filing source filing.
The case reached its main restructuring milestone when the court confirmed the Sixth Amended Joint Chapter 11 Plan. Wave general unsecured creditors accepted by 73.06% in amount and 96.97% in number, MIPS Tech LLC general unsecured creditors accepted unanimously, and equity/intercompany classes were extinguished. The confirmed plan funds distributions through cash, receivables and causes of action, a $5.11 million new-money exit facility that could increase to $10.11 million, new notes, CIP settlement proceeds, and potential patent-asset sale proceeds. The order also creates the Wave Computing Liquidating Trust to pursue non-released claims and replaces the existing board on the effective date source filing.
Loading defined terms…