Robohub.org
 

Seegrid reorganization plan okayed by judge

by
13 February 2015



share this:
seegrid-products_800_319_80

A bankruptcy judge cleared the way for Seegrid to exit from Chapter 11 by okaying the reorganization plan and rejecting challenges lodged by the ex-CEO.

The reorganization plan includes a debt-for-equity swap with Giant Eagle, Seegrid’s largest lender, share and stakeholder who agreed to a delayed maturation date for tens of millions of dollars in unsecured notes. Giant Eagle will now have a 40% state in Seegrid. Thus Seegrid can remain open as a viable business albeit one with a lot of debt.

“I believe the debtor has demonstrated that the plan itself is feasible,” said Judge Shannon adding that the feasibility standard does not require a guarantee of future success. “One of the best ways to assess feasibility is stakeholder support, and Giant Eagle and virtually all other creditors except the [group headed by the ex-CEO] voted in favor of the plan.”

Seegrid filed for bankruptcy protection October 21, 2014. The judgement approving the reorganization plan was on January 20, 2015.

Seegrid’s new website clearly shows the refocusing of effort to vision systems and by selling partner-produced pallet trucks and tow tractors – VGVs (vision-guided vehicles) – integrated with Seegrid’s vision systems and fleet management software. Seegrid’s VGVs navigate without wires, lasers, magnets or tape and their business focuses on partnering with tug, tow and lift manufacturers thereby enabling Seegrid to daisy-chain their vision systems onto their partner’s manufacturing and marketing efforts to sell their lifts and tugs.



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 :



Interview with Dautzenberg Roman: #IROS2023 Best Paper Award on Mobile Manipulation sponsored by OMRON Sinic X Corp.

The award-winning author describe their work on an aerial robot which can exert large forces onto walls.
19 November 2023, by

Robot Talk Episode 62 – Jorvon Moss

In the latest episode of the Robot Talk podcast, Claire chatted to Jorvon (Odd-Jayy) Moss from Digikey about making robots at home, and robot design and aesthetics.
17 November 2023, by

California is the robotics capital of the world

In California, robotics technology is a small fish in a much bigger technology pond, and that tends to conceal how important Californian companies are to the robotics revolution.
12 November 2023, by

Robot Talk Episode 61 – Masoumeh Mansouri

In the latest episode of the Robot Talk podcast, Claire chatted to Masoumeh (Iran) Mansouri from the University of Birmingham about culturally sensitive robots and planning in complex environments.
10 November 2023, by

The 5 levels of Sustainable Robotics

Robots can solve the UN SDGs and not just via the application area.
08 November 2023, by

Using language to give robots a better grasp of an open-ended world

By blending 2D images with foundation models to build 3D feature fields, a new MIT method helps robots understand and manipulate nearby objects with open-ended language prompts.
06 November 2023, by





©2021 - ROBOTS Association


 












©2021 - ROBOTS Association