Terabeam Wireless agreed to acquire all of Proxim's assets for $28 million. Terabeam was the highest bidder in Proxim's court-approved auction held in connection with the company's Chapter 11 bankruptcy filing. Proxim backed out of a mid-June $21 million deal with Moseley Associates. Its new agreement with Terabeam is expected to be approved by the US Bankruptcy Court for the District of Delaware by July 29. Under the deal, Terabeam will pay $28 million for Proxim's assets and will provide debtor-in-possession financing. No proceeds from the sale of assets will be given to Proxim stockholders due to Proxim's creditor obligations.
For more on Terrabeam's deal for Proxim:
- go to this piece from WiFi Planet