Transaction Legal
K&L Gates
Full Credential Description
Akoustis Technologies faced significant challenges as it navigated a complex restructuring process under the US Bankruptcy Code. The company, along with its subsidiaries, needed to sell substantially all of its assets to ensure the continuation of operations and support for its global customer base. The primary issue was to maximize value for creditors while preserving jobs and the business infrastructure. K&L Gates LLP provided a tailored solution by advising Akoustis in the sale of its assets to Tune Holdings Corp., a subsidiary of SpaceX, for approximately US$30.2 million in cash, along with the assumption of certain liabilities. This strategic transaction was executed in compliance with a sale order from the US Bankruptcy Court for the District of Delaware, allowing Tune Holdings to maintain Akoustis' operations and team infrastructure. The results of this transaction were significant. It not only ensured a substantial return to creditors but also preserved the vast majority of Akoustis' employees' jobs, which was a critical concern for the company. Mark Podgainy, Finance Transformation Officer of Akoustis, expressed gratitude for the assistance provided by K&L Gates, highlighting the successful outcome as a win for all parties involved.
Measurable Results
Successfully completed $30.2M transaction