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.
MIPS out of bankruptcy
MIPS is now developing an 8th generation architecture, based on RISC-V.
MIPS has suffered a chequered history since being bought by Imagination in 2013.
In 2017, China-backed Canyon Bridge bought Imagination and the US government insisted that MIPS must not go with Imagination to Canyon Bridge so MIPS was sold to Diosdado Banatao who made his first fortunes at Chips and Technologies and S3.
Banatao, by then a VC having founded Tallwood Venture Capital, switched the ownership of MIPS between various of his family-owned companies before selling it to Wave Computing, in which Tallwood was a major shareholder.
People’s United Bank sold to M&T for $7.6B
Updated Feb 23, 2021;
Posted Feb 23, 2021
The People s United branch on Elm Street in West Springfield, Feb. 23, 2021. (Jim Kinney/ The Republican)
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The deal is expected to close in the fourth quarter of 2021.
“In People’s United, we have found a partner with an equally long history of serving and supporting customers, businesses and communities,” said René Jones, chairman and chief executive officer of M&T, who will lead the combined company. “Combining our common legacies and our complementary footprints will strengthen our ability to serve our communities and customers, and provide solutions that make a difference in people’s lives. I am incredibly excited about this opportunity and look forward to welcoming new customers and team members to our M&T family.”
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