By Nitin Dahad, EETimes (March 1, 2021)
Wave Computing said it has emerged from Chapter 11 and will continue business going forward as MIPS.
As a result of the Chapter 11 restructuring plan approved by the United States Bankruptcy Court for the Northern District of California on 10 February 2021, in which a majority of creditors will receive a meaningful recovery, Wave Computing, Inc. and its subsidiaries including MIPS Tech, will be known as MIPS. The company’s statement said this reflects its strategic focus on the RISC-based processor architectures which were originally developed by MIPS. It added that MIPS is also developing a new “standards-based 8th generation architecture,” which will be based on the open source RISC-V processor standard. The company provided no further details.
The new majority owner of MIPS is Tallwood Venture Capital, which emerged as the winner of the bankruptcy auction held in December 2020, with a restructuring bid valued at $61 million. Sanjai Kohli will continue to lead MIPS as CEO