Wave Computing, MIPS emerge from bankruptcy
March 02, 2021 //
By Peter Clarke
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.