• Ambient Corporation files Chapter 11 in Delaware
  • August 1, 2014
  • Law Firm: Morris James LLP - Wilmington Office
  • On Monday, July 28, 2014, Massachusetts based Ambient Corporation filed for chapter 11 protection in Delaware. According to the petition, Ambient has between 50 and 99 creditors. Ambient’s estimated assets are listed between $1 million and $10 million with liabilities estimated between $1 million and $10 million.

    The debtor offered the Declaration of J. Joyce in Support of its First Day Motions and provided an organizational chart in the Exhibit A attached to the declaration. As set forth in the Joyce Declaration, Ambient has entered into a stalking horse purchase agreement with a potential purchaser, Ericsson, Inc. and intends to seek approval of bid protections and bidding procedures to complete the marketing process of the sale of its assets.

    The case has been assigned to The Honorable Kevin Gross for administration (lead case no. 14-11791-KG).