SANTA CLARA, Calif.--(EON: Enhanced Online News)--ATopTech, Inc., (“ATopTech” or the “Company”) a leading electronic design automation software company developing software solutions for engineers to assist them in the physical design of integrated circuits, today announced that it has filed a voluntary petition under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.
“We believe this decision is in the best interests of the company and its stockholders”
ATopTech expects to continue to manage and operate its business under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. Contemporaneous with the filing of the Chapter 11 petition, ATopTech filed a motion to sell its businesses under section 363 of the Bankruptcy Code and has selected a stalking horse bidder. The Company expects that a bankruptcy auction will take place in mid-March 2017 and the sale will be completed by March 31, 2017.
"We believe this decision is in the best interests of the company and its stockholders,” said Jue-Hsien Chern, chief executive officer of ATopTech. “The protections afforded by Chapter 11 provide for an orderly process that ensures that the Company can continue to execute on its strategic plan. The filing allows the Company to move forward with a sale of the Company’s business free and clear of liens, claims and encumbrances pursuant to section 363 of the Bankruptcy Code.”
ATopTech has retained Dorsey & Whitney as bankruptcy counsel and Cowen and Company as its investment banker. Wilson Sonsini Goodrich & Rosati, Professional Corporation, serves as corporate and transactional counsel to ATopTech.
For more information about the Chapter 11 case, including access to Court documents, please visit: dm.epiq11.com/ATO
ATopTech, Inc. is the technology leader in IC physical design. ATopTech's technology offers the fastest time to design closure focused on advanced technology nodes. The use of state-of-the-art multi-threading and distributed processing technologies speeds up the design process, resulting in unsurpassed project completion times. For more information, see www.atoptech.com