Wave Computing Bankruptcy Plan OK’d With Chance of Full Recovery

Wave Computing Inc.'s creditors will recover at least 80% and possibly all of their $41 million in claims following court approval of the artificial intelligence company’s Chapter 11 plan.

Under the amended plan, approved Wednesday by Judge M. Elaine Hammond of the U.S. Bankruptcy Court for the Northern District of California, secured lender Tallwood Technology Partners LLC will acquire Wave for $61 million, said Wave’s attorney, Sam Newman of Sidley Austin LLP. Tallwood paid cash and applied debt to beat the highest cash bid of $58 million in a bankruptcy auction.

The confirmation follows a mediation among Wave, Tallwood, ...