Transaction Legal
K&L Gates
Full Credential Description
Akoustis Technologies faced significant challenges as it navigated a complex restructuring process, ultimately leading to the sale of substantially all of its assets to Tune Holdings Corp., a subsidiary of SpaceX. The company was in a precarious financial situation, necessitating a strategic approach to ensure the continuation of its operations and support for its global customer base. The restructuring was conducted under Section 363 of the US Bankruptcy Code, which allowed for a structured sale that would maximize value for creditors while preserving jobs. K&L Gates provided tailored legal assistance throughout this intricate process, coordinating efforts across various practice areas, including restructuring, intellectual property, and computer forensics. The firm successfully facilitated the sale for approximately US$30.2 million in cash, along with the assumption of certain liabilities, ensuring a substantial return to creditors. This strategic transaction not only preserved the vast majority of Akoustis' employees' jobs but also allowed Tune Holdings to continue delivering next-generation BAW high-band RF filters to customers worldwide. The outcome of this case exemplifies the effectiveness of K&L Gates' integrated approach, which combines expertise from multiple legal disciplines to create a viable path forward for clients in distress. The successful completion of the sale was viewed as a win for all parties involved, highlighting the firm's commitment to achieving favorable results in challenging circumstances.
Measurable Results
Successfully completed $30.2M transaction