USB2.0 OTG PHY supporting UTMI+ level 3 interface - 28HK/55LL
ATopTech, Inc. Initiates Voluntary Chapter 11 Bankruptcy Protection Proceeding
SANTA CLARA, Calif.-- January 13, 2017 -- ATopTech, Inc., (“ATopTech” or the “Company”) a leading electronic design automation software company developing software solutions for engineers to assist them in the physical design of integrated circuits, today announced that it has filed a voluntary petition under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.
ATopTech expects to continue to manage and operate its business under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. Contemporaneous with the filing of the Chapter 11 petition, ATopTech filed a motion to sell its businesses under section 363 of the Bankruptcy Code and has selected a stalking horse bidder. The Company expects that a bankruptcy auction will take place in mid-March 2017 and the sale will be completed by March 31, 2017.
"We believe this decision is in the best interests of the company and its stockholders,” said Jue-Hsien Chern, chief executive officer of ATopTech. “The protections afforded by Chapter 11 provide for an orderly process that ensures that the Company can continue to execute on its strategic plan. The filing allows the Company to move forward with a sale of the Company’s business free and clear of liens, claims and encumbrances pursuant to section 363 of the Bankruptcy Code.”
ATopTech has retained Dorsey & Whitney as bankruptcy counsel and Cowen and Company as its investment banker. Wilson Sonsini Goodrich & Rosati, Professional Corporation, serves as corporate and transactional counsel to ATopTech.
For more information about the Chapter 11 case, including access to Court documents, please visit: dm.epiq11.com/ATO
About ATopTech
ATopTech, Inc. is the technology leader in IC physical design. ATopTech's technology offers the fastest time to design closure focused on advanced technology nodes. The use of state-of-the-art multi-threading and distributed processing technologies speeds up the design process, resulting in unsurpassed project completion times. For more information, see www.atoptech.com
|
Related News
Breaking News
- Tenstorrent Expands Deployment of Arteris' Network-on-Chip IP to Next-Generation of Chiplet-Based AI Solutions
- Siemens' Tessent In-System Test software enables advanced, deterministic testing throughout the silicon lifecycle
- EnSilica plc - Audited Full Year Results for the Year Ended 31 May 2024
- Logic Design Solutions launches Gen4 NVMe host IP
- ULYSS1, Microcontroller (MCU) for Automotive market, designed by Cortus is available
Most Popular
- Arm's power play will backfire
- Siemens strengthens leadership in industrial software and AI with acquisition of Altair Engineering
- Sondrel announces CEO transition to lead next phase of growth
- M31 is partnering with Taiwan Cooperative Bank to launch an Employee Stock Ownership Trust to strengthen talent retention
- ULYSS1, Microcontroller (MCU) for Automotive market, designed by Cortus is available
E-mail This Article | Printer-Friendly Page |