Sale Of Bankrupt Kid-Tracking Firm To Smartcom OK'd
Law360, Wilmington (November 8, 2016, 7:08 PM EST) -- Bankrupt child-tracking gear developer Filip Technologies Inc. tentatively sold itself to the U.S. affiliate of French mobile communications venture Smartcom S.A. Tuesday after a furiously paced Chapter 11 auction and sale process.
Smartcom Mobility Solutions Inc. offered $1.025 million for Filip’s business, which operates under agreements with AT&T and has about 13,000 customers in the United States. The system allows parents to use smartphones to track the whereabouts of children wearing compatible devices.
The company sought Chapter 11 protection Oct. 5 with about $5 million in debt and after unsuccessful efforts to find a buyer outside of bankruptcy. At the time...
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