Tallwood is the secured lender to Wave Computing and its subsidiaries, including MIPS Tech, in the company’s Chapter 11 filing.
Wave Computing is a processor technology company focused on the commercialization of RISC processor architectures and IP cores.
Tallwood will restructure the company’s current capital structure and provide recovery to the company’s unsecured creditors via amendments to the company’s proposed Chapter 11 plan of reorganization.
The restructuring proposal will be submitted to creditors for a vote and presented to the U.S. Bankruptcy Court for the Northern District of California for approval in early 2021, and if approved, will allow Wave Computing to emerge from Chapter 11 protection shortly thereafter.
“We are pleased to find a partner in Tallwood that will be able to further develop Wave’s landmark MIPS architectures,” Larry Perkins, chief restructuring officer of Wave Computing, said. “We hope Tallwood’s stewardship will allow Wave’s groundbreaking technology to continue to transform the processor landscape and benefit a range of new customers. I’m thankful for the entire team at Wave, who have worked so hard throughout the Chapter 11 process to put the company on the path to future success.”
“Following productive discussions with all of our stakeholders, we are confident the company’s path forward under Tallwood ownership is a strong strategic fit as well as a successful financial outcome,” Tom FitzGerald, independent director of Wave Computing, said. “We believe this transaction represents the best possible conclusion to the Chapter 11 process for the company as well as its employees, creditors and customers.”
Sidley Austin is serving as legal counsel to Wave, while SierraConstellation Partners is serving as financial and restructuring adviser and Armory Securities is serving as investment banker. Binder & Malter is serving as legal counsel to Tallwood.
Tallwood Venture Capital is an equity sponsor to Wave.
