Sidley represented Wave Computing, Inc. in its voluntary Chapter 11 case in the United States Bankruptcy Court for the Northern District of California. On March 1, 2021 Wave Computing, Inc. emerged from bankruptcy protection and will now be known as MIPS. This unusual restructuring of a technology company was very successful and the majority of creditors will receive a nearly full recovery.
MIPS is focusing on developing a new generation of processor architectures and IP cores based on new open source processor standards. The MIPS technology is of great interest in the microprocessor industry and subject to high-level regulation for national security reasons.
The Sidley team was led by Sam Newman (Restructuring), and included Charles M. Persons, Genevieve G. Weiner, Jeri Leigh Miller, Julia Philips Roth, and Juliana Hoffman (Restructuring); Vijay S. Sekhon (Private Equity); Banks Bruce (Global Finance); Eric Schwartz (Commercial Litigation and Disputes); S. Patrick Kelly (White Collar Litigation); Richard Silverman (Tax); and James Mendenhall and Jen Fernandez (Global Arbitration, Trade and Advocacy).