Lidar company Luminar has filed for Chapter 11 bankruptcy protection after months of layoffs, executive departures, and a legal fight with its largest customer, Volvo. The company aims to sell off its lidar business during the bankruptcy proceeding, and has already reached a deal to sell its semiconductor subsidiary. While the company will continue to…
Nitin Fire Protection Appoints New Board Post-Sale scanx.trade Read the original article here
The National Company Law Appellate Tribunal (NCLAT) at Delhi has refused a suspended director of Aviom India Housing Finance Pvt. Ltd. access to resolution plans submitted during the company’s insolvency process. The tribunal reiterated that once the board of a financial service provider is superseded by the Reserve Bank of India, former directors have no…
Roomba robot vacuums made by iRobot are displayed on a shelf at a Target store in California. Justin Sullivan/Getty Images hide caption toggle caption Justin Sullivan/Getty Images The U.S. company that put robot vacuums into American homes has hit the skids. The maker of Roomba, called iRobot, has filed for bankruptcy about two years after…
Roomba maker IRobot filed for bankruptcy and will go private after being acquired by its Chinese supplier Picea Robotics. Founded 35 years ago, the Massachusetts company pioneered the development of home vacuum robots and grew to become one of the most recognizable American consumer brands. Over the years, it lost ground to Chinese competitors with…
The US company behind the Roomba robot vacuum cleaner has filed for bankruptcy protection and agreed to be taken over by one of its Chinese suppliers. iRobot, which is best known for debuting the Roomba vacuum cleaner in the early 2000s, will be taken over by a subsidiary of its main supplier, Picea Robotics. The…
An earlier version of the Roomba vacuum cleaning robot during a presentation in Tokyo in 2015. (Eugene Hoshiko / Associated Press) Roomba maker IRobot filed for bankruptcy and will go private after being acquired by its Chinese supplier Picea Robotics. Founded 35 years ago, the Massachusetts company pioneered the development of home vacuum robots and…
Roomba maker iRobot files for bankruptcy, pursues manufacturer buyout Reuters Read the original article here
The loss-making company was valued at $3.56bn in 2021 after the pandemic helped to drive strong demand for its products. It is now valued at around $140m. On Friday, iRobot’s shares fell by more than 13% on the technology-heavy Nasdaq trading platform in New York. iRobot said the bankruptcy filing was not expected to disrupt…
The NCLAT has set aside an appeal by SEBI, where the markets regulator had asked the tribunal to recover the penalty imposed by it against an entity related to the diversion of funds in the Religare Finvest matter, saying such claims cannot be filed once the liquidation process begins under IBC. There was no infirmity…