Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Energy

Ambient Chapter 11 Petition Filed

Ambient filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, case number 14-11791. The Company, which develops and maintains smart grid technology, is represented by Justin R. Alberto of Bayard. According to documents filed with the Court, “The Debtor is in the process of completing an extensive marketing process for the sale of its businesses. The Debtor began searching for strategic alternative partners and exploring other options in 2011. While promising, the Debtor’s efforts were largely unsuccessful until recently….This Chapter 11 Case will allow the Debtor to maintain its operations while providing the necessary time to complete the current sales process for the benefit of stakeholders. Absent the protections of the Bankruptcy Code, the Debtor will run out of cash, shut down its operations, and liquidate, all to the detriment of the Debtor’s employees, customers, suppliers, and creditors….The board of directors of the Debtor has authorized the filing of this Chapter 11 Case to pursue a sale of the Debtor’s assets given the Debtor’s inability to independently survive as a going concern.” Ericsson Inc. is the stalking horse bidder and the asset purchase agreement provides for the sale of substantially all assets for an aggregate consideration of $7.5 million.

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