SPOKANE, Wash.-Acterna Corp. announced it plans to sell its subsidiary Itronix Corp., which develops rugged mobile computing systems, to private equity firm Golden Gate Capital.
“We believe that the opportunity to partner with Golden Gate Capital will provide significant value to all Itronix stakeholders and look forward to completing the purchase transaction in the coming weeks,” said Tom Turner, president and chief executive officer of Itronix. The sale is subject to bankruptcy court approval and requires Acterna to consider competitive bids for the company.
Separately, Acterna received bankruptcy court approval of a disclosure statement summarizing the reorganization plan it negotiated with lenders before filing for Chapter 11 protection. The company had revised the statement to resolve objections filed by creditors. A confirmation hearing on the plan is scheduled for Sept. 25, and objections to the plan are due Sept. 15.
