Seegrid files for Chapter 11 protection

24 October 2014

share this:

Seegrid filed for Chapter 11 bankruptcy protection earlier this week. The bankruptcy judge authorized Seegrid to borrow from its lender and biggest shareholder, Giant Eagle, so that it could continue operations.

Giant Eagle is a $9 billion supermarket and convenience store chain serving Pennsylvania, Ohio, West Virginia and Maryland. It has tested and used Seegrid AGVs in some of its distribution centers. Seegrid expects to receive up to $3 million from a loan from Giant Eagle as bridge financing during the restructuring period.

Seegrid has outstanding debt of more than $45 million and “is virtually, if not totally, out of cash” according to the court papers. Hence the need for an immediate loan and a fast-tracked restructuring agreement. According to the Pittsburgh Post-Gazette, Seegrid has raised $61.4 million in funding from investors since 2003. The two largest shareholders are Giant Eagle and an investment group led by a former Seegrid CEO. Both parties claim the other has been uncooperative in negotiations to restructure the company.

Seegrid, a 50+ person Pittsburgh area company was founded by two CMU roboticists. They build AGVs used as tow tractors and pallet trucks for material handling. Recently, instead of building their own lifts and tractors, they have begun to provide vision guided navigation systems to AGV and forklift makers such as Yale, Hyster, Linde and Raymond.

tags: , , ,

Frank Tobe is the owner and publisher of The Robot Report, and is also a panel member for Robohub's Robotics by Invitation series.
Frank Tobe is the owner and publisher of The Robot Report, and is also a panel member for Robohub's Robotics by Invitation series.

Related posts :

MIT engineers build a battery-free, wireless underwater camera

The device could help scientists explore unknown regions of the ocean, track pollution, or monitor the effects of climate change.
27 September 2022, by

How do we control robots on the moon?

In the future, we imagine that teams of robots will explore and develop the surface of nearby planets, moons and asteroids - taking samples, building structures, deploying instruments.
25 September 2022, by , and

Have a say on these robotics solutions before they enter the market!

We have gathered robots which are being developed right now or have just entered the market. We have set these up in a survey style consultation.
24 September 2022, by

Shelf-stocking robots with independent movement

A robot that helps store employees by moving independently through the supermarket and shelving products. According to cognitive robotics researcher Carlos Hernández Corbato, this may be possible in the future. If we engineer the unexpected.
23 September 2022, by

RoboCup humanoid league: Interview with Jasper Güldenstein

We talked to Jasper Güldenstein about how teams transferred developments from the virtual humanoid league to the real-world league.
20 September 2022, by and

Integrated Task and Motion Planning (TAMP) in robotics

In this post we will explore a few things that differentiate TAMP from “plain” task planning, and dive into some detailed examples with the pyrobosim and PDDLStream software tools.
16 September 2022, by

©2021 - ROBOTS Association


©2021 - ROBOTS Association