Assembly Line

AeroFarms Files for Chapter 11 Bankruptcy Protection, CEO Steps Down

📅 Date:

🔖 Topics: Bankruptcy

🏢 Organizations: AeroFarms

AeroFarms®, a global pioneer in the indoor vertical farming sector, has voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code. The petition was filed in the United States Bankruptcy Court for the District of Delaware following the Company’s board deliberations. Alongside the petition, AeroFarms has submitted several ‘first-day’ motions seeking standard relief to transition into Chapter 11 with minimal disruptions to its core business operations.

Read more at iGrow News

Fast Radius assets acquired by SyBridge Technologies in $15.9m deal

📅 Date:

✍️ Author: Oliver Johnson

🔖 Topics: Acquisition, Bankruptcy

🏢 Organizations: Fast Radius, SyBridge Technologies

The sale comes a month on from Fast Radius filing for chapter 11 bankruptcy and nine months after its public listing. The sale to SyBridge is subject to bankruptcy court approval and is expected to close before the end of 2022. SyBridge is acquiring most of the operating assets of Fast Radius and says that it intends to make offers of employment to a majority of current Fast Radius employees.

According to SyBridge, Fast Radius will continue to operate and build its digital manufacturing and software business under its new owner and will go to market under the Fast Radius brand name. This acquisition is SyBridge’s fourteenth since the company’s inception in 2019.

Read more at TCT Magazine