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C Street Advisory Group handles media for Akoustis Technology as it files for Chapter 11 after a judge ordered it to pay $59M in damages and fees to Qorvo Inc in a trade secret misappropriation and patent infringement case.
The Huntersville, NC-based company makes high-band radio frequency products for the mobile and wireless sectors.
The bankruptcy filing is “a strategic step to provide flexibility and allow us to continue operations while our sale process continues with momentum,” according to Akoustis CEO Kamran Cheema.
Akoustis has negotiated a stalking horse asset purchase agreement with Gordon Brothers Commercial & Industrial, LLC for the purchase of certain of its assets.
It intends to use the court-supervised sale process to seek the highest or otherwise best bid for other assets.
Akoustis reported a 29 percent jump in revenues to $9M for the quarter ended September. It recorded a $6.4M net loss compared to $20.1M a year ago in red ink.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
