Bloomberg Law
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Law
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

Beam Robot Company Gets Bankruptcy Court Approval for Sale

Aug. 20, 2020, 7:59 PM

Suitable Technologies Inc.'s Beam telepresence robot company really is worth just $400,000, even after five months of marketing and a Chapter 11 bankruptcy costing nearly $6 million.

Judge Mary Walrath of the U.S. Bankruptcy Court for the District of Delaware on Thursday approved the sale of substantially all of Suitable Technologies’ assets to Demark-based technology developer Blue Ocean Robotics ApS for $400,000, the very price that drove Suitable into bankruptcy in February.

Suitable sought a “transparent” sale process through the Chapter 11 process after Delaware’s Court of Chancery cast doubt on the legitimacy of Blue Ocean’s $400,000 offer for ...