Turin Networks Inc. has bid to acquire certain assets of optical gear vendor White Rock Network out of bankruptcy. White Rock filed for Chapter 11 bankruptcy protection and closed its doors Aug. 31.
According to the Dallas Business Journal, Turin bid $3 million to acquire certain U.S. assets of White Rock in an auction that was set for Oct. 13.
“There is something that’s being worked on, but it’s still a matter for the courts to decide,” Kevin Wade, a spokesman for Turin Networks, told xchange Monday. “Things won’t be ultimately decided until the end of the day on Wednesday.”
According to the Journal article, both priority creditors -- Silicon Valley Bank and Solectron Corp. -- approved the auction and would receive about $1.9 million of auction proceeds.
Turin Networks Inc. www.turinnetworks.com
