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
- Thalia's AMALIA 24.2 introduces pioneering estimated parasitics feature to reduce PEX iterations by at least 30%
- TSMC plans 1.6nm process for 2026
- Qualitas Semiconductor Partners with TUV Rheinland Korea to Enhance ISO 26262 Functional Safety Management System
- M31 has successfully launched MIPI C/D PHY Combo IP on the advanced TSMC 5nm process
- Ceva multi-protocol wireless IP could simplify IoT MCU and SoC development
Most Popular
- Controversial former Arm China CEO founds RISC-V chip startup
- Siemens collaborates with TSMC on design tool certifications for the foundry's newest processes and other enablement milestones
- Credo at TSMC 2024 North America Technology Symposium
- Synopsys Accelerates Next-Level Chip Innovation on TSMC Advanced Processes
- Kalray Joins Arm Total Design, Extending Collaboration with Arm on Accelerated AI Processing
E-mail This Article | Printer-Friendly Page |