Bankrupt artificial intelligence technology developer Wave Computing Inc. filed a dual-track Chapter 11 plan that would shed $44 million of debt in a corporate restructuring or sell its assets to repay creditors.
The proposed restructuring would set aside $500,000 in a litigation trust for unsecured creditors and hand control of the company to Tallwood Technology Partners LLC, a pre-petition lender that’s providing Wave’s $27.9 million bankruptcy financing.
The Santa Clara, Calif.-based company, which focuses on machine learning and is developing voice recognition software, filed its plan Thursday with the U.S. Bankruptcy Court for the Northern District of California.
Under the ...
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