- 注册
- 2002-10-07
- 消息
- 402,593
- 荣誉分数
- 76
- 声望点数
- 228
DragonWave’s secured creditors have filed an application with the Ontario Superior Court of Justice to appoint a receiver over the firm’s business.
Comerica Bank and Export Development Canada are seeking a court-supervised sale of DragonWave’s assets “in an effort to maximize value for the lenders and other stakeholders.”
DragonWave, the Kanata-based specialist in wireless technology, has been struggling for the past couple of years, courtesy of a product glitch in India and the loss of Nokia as a major sales channel.
The major blow was Nokia’s acquisition early in 2016 of Alcatel-Lucent, which sells microwave transmission products that compete directly with those developed by DragonWave. The result was to compress DragonWave’s overall sales.
DragonWave CEO Peter Allen tried to keep his company afloat by trimming staff and diversifying sales away from Nokia. He also orchestrated a consolidation of DragonWave shares in an effort to keep the stock eligible for trading on the TSX and Nasdaq exchanges. All for naught.
Trading in DragonWave’s shares has been suspended on both exchanges, which are also moving to delist the shares.
The application by DragonWave’s creditors in Ontario is expected to be heard Monday morning.
More to come.
查看原文...
Comerica Bank and Export Development Canada are seeking a court-supervised sale of DragonWave’s assets “in an effort to maximize value for the lenders and other stakeholders.”
DragonWave, the Kanata-based specialist in wireless technology, has been struggling for the past couple of years, courtesy of a product glitch in India and the loss of Nokia as a major sales channel.
The major blow was Nokia’s acquisition early in 2016 of Alcatel-Lucent, which sells microwave transmission products that compete directly with those developed by DragonWave. The result was to compress DragonWave’s overall sales.
DragonWave CEO Peter Allen tried to keep his company afloat by trimming staff and diversifying sales away from Nokia. He also orchestrated a consolidation of DragonWave shares in an effort to keep the stock eligible for trading on the TSX and Nasdaq exchanges. All for naught.
Trading in DragonWave’s shares has been suspended on both exchanges, which are also moving to delist the shares.
The application by DragonWave’s creditors in Ontario is expected to be heard Monday morning.
More to come.
查看原文...
