Proxim declares bankruptcy, sells assets

WiFi and broadband wireless equipment provider Proxim is declaring Chapter 11 bankruptcy and plans to sell "substantially all" of its assets to Moseley Associates. The $21 million deal calls for Moseley to acquire and assume most of Proxim's domestic and foreign operations. Moseley has also agreed to provide Proxim with bridge financing of up to $6.2 million to be offset against the purchase price. Moseley is expected to preserve most of Proxim's operations. No proceeds from the sale are expected to be distributed to Proxim stockholders, notes the company.

For additional details on Proxim's bankruptcy and sell-off:
- read this company press release