iRobot, the maker of Roomba robotic vacuums, has filed for Chapter 11 chapter after reaching a restructuring settlement that palms management of the corporate to its predominant provider and lender, Shenzhen Picea Robotics.
The Massachusetts-based firm filed in Delaware on December 14. Below the plan, Shenzhen Picea will obtain 100% of the fairness within the reorganised enterprise, whereas current shareholders will probably be worn out. Santrum Hong Kong can be concerned within the restructuring.
iRobot stated the method will permit it to proceed working as a going concern, meet worker obligations and pay suppliers in full throughout the court-supervised course of. The submitting follows years of declining earnings and mounting debt pressures.
