Ambient Corp., a developer of “smart grid” technology, got formal approval Sept. 26 from the Delaware bankruptcy court to sell its business to competitor Ericsson Inc. for $7.5 million, including the $2.5 million financing Ambient’s operations in bankruptcy (In re Ambient Corporationorder approving sale).
An auction was canceled because there were no competing bids. When Newton, Massachusetts-based Ambient sought Chapter 11 protection in late July, the sale was already negotiated 26 BBLR 1039, 7/31/14.
In fiscal 2013, Ambient had a pretax net loss of about $17.7 million on net sales of approximately $11.4 million. The petition listed assets and debt ...
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