Sidley represented client Wave Computing, Inc. (Wave) in the Chapter 11 sale of the company to an affiliate of Tallwood Venture Capital (Tallwood). Tallwood was chosen as the successful bidder at the Chapter 11 bankruptcy auction held last week. The sale is expected to close early in Q1 2021. Tallwood is the secured lender to Wave and its subsidiaries, including MIPS Technologies, Inc.
Tallwood will restructure the company’s current capital structure and provide recovery to Wave’s unsecured creditors via amendments to the company’s proposed Chapter 11 plan of reorganization. The proposal will be submitted to creditors and presented to the U.S. Bankruptcy Court for the Northern District of California for approval in early 2021 and, if approved, will allow Wave to emerge from Chapter 11 protection shortly thereafter.
The Sidley lawyers who represented Wave in its bankruptcy auction include Sam Newman, Julia Philips Roth, and Genevieve Weiner (Los Angeles); Banks Bruce, Charles Persons, Jeri Leigh Miller, and Juliana Hoffman (Dallas); Vijay Sekhon (San Francisco); and Anthony Friedman and Cat Zhang (Century City).