Wave Computing, MIPS emerge from bankruptcy

March 02, 2021 // By Peter Clarke
Wave Computing, MIPS emerge from bankruptcy
Processor IP company Wave Computing Inc. and its subsidiaries, including MIPS Technology, have emerged from Chapter 11 bankruptcy protection.

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


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