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 :



Flocks of assembler robots show potential for making larger structures

Researchers make progress toward groups of robots that could build almost anything, including buildings, vehicles, and even bigger robots.
25 November 2022, by

Holiday robot wishlist for/from Women in Robotics

Are you looking for a gift for the women in robotics in your life? Or the up and coming women in robotics in your family? Perhaps these suggestions from our not-for-profit Women in Robotics organization will inspire!
24 November 2022, by and

TRINITY, the European network for Agile Manufacturing

The Trinity project is the magnet that connects every segment of agile with everyone involved, creating a network that supports people, organisations, production and processes.
20 November 2022, by

Fighting tumours with magnetic bacteria

Researchers at ETH Zurich are planning to use magnetic bacteria to fight cancerous tumours. They have now found a way for these microorganisms to effectively cross blood vessel walls and subsequently colonise a tumour.
19 November 2022, by

Combating climate change with a soft robotics fish

We have fabricated a 3D printed, cable-actuated wave spring tail made from soft materials that can drive a small robot fish.
17 November 2022, by

#IROS2022 best paper awards

Here we bring you the papers that received an award this year at IROS in case you missed them.
14 November 2022, by





©2021 - ROBOTS Association


 












©2021 - ROBOTS Association