Wave Computing, MIPS emerge from bankruptcy

Wave Computing, MIPS emerge from bankruptcy

Business news |
Processor IP company Wave Computing Inc. and its subsidiaries, including MIPS Technology, have emerged from Chapter 11 bankruptcy protection.
By Peter Clarke

Share:

The restructured business will be known as MIPS and focus on the RISC-based processor architectures originally developed by MIPS and extensively licensed out. MIPS is developing an eighth-generation architecture  based on the open-source RISC-V processor standard.

Under a plan approved by the United States Bankruptcy Court for the Northern District of California the majority of creditors will receive a meaningful recovery of debts owed.

Tallwood Ventures won a bankruptcy auction of Wave Computing assets held in December 2020 with a restructuring bid valued at $61 million. Tallwood will take majority ownership of the reorganized company. Sanjai Kohli will continue to lead MIPS as CEO.

It remains unclear how Tallwood’s ownership of Wave Computing/MIPS will impact an arcane deal that saw MIPS formed as an off-shore subsidiary of Wave Computing in 2020 and licensing its IP to a Samoan company called Prestige Century Investments who re-assigned the license to a Chinese subsidiary called CIP United Co. Ltd. (Shanghai, China).

Related links and articles:

www.mips.com

News articles:

Deal brings Wave and MIPS back

MIPS moves to China via Samoa

MIPS now part of AI startup Wave Computing

Linked Articles
eeNews Analog
10s