Artificial intelligence technology developer Wave Computing Inc. was approved to tap a $27.9 million bankruptcy loan after stipulating that its lender wouldn’t be released from potential litigation as part of the interim financing agreement.
Wave can draw down up to $3 million from a loan facility provided by the tech company’s 40% equity holder, Tallwood Technology Partners LLC, subject to a revised court order, Judge M. Elaine Hammond of the U.S. Bankruptcy Court for the Northern District of California said at a teleconference hearing Friday.
Wave’s bankruptcy case has paused a lawsuit filed by minority shareholder Canyon Bridge Fund I ...
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