The M&A Advisor recognized Sidley’s restructuring of Wave Computing, Inc. as the “Information Technology Deal of the Year” at their 15th annual Turnaround Awards.
Sidley guided Wave Computing, Inc., a VC-backed company that is revolutionizing artificial intelligence with its dataflow-based chips, systems and software, in its voluntary Chapter 11 case in the United States Bankruptcy Court for the Northern District of California. Earlier this year, 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 focuses 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 Los Angeles partner Sam Newman, and the team included Charles M. Persons, Genevieve G. Weiner, Jeri Leigh Miller, Julia Philips Roth, and Juliana Hoffman from the firm’s Restructuring practice with assistance from partners Vijay S. Sekhon, Banks Bruce, Eric Schwartz, S. Patrick Kelly, Richard Silverman, James Mendenhall, and Jen Fernandez.
The annual Turnaround Awards recognize the transactions, firms and individuals that represent the highest levels of performance in the distressed investing and reorganization industry.