Court Approves Asyst Technologies Chapter 11 Plan, Represented by Baker & McKenzie LLP
Deal Announcement
March 8, 2010
San Diego, CA, March 8, 2010 – Baker & McKenzie advised Asyst Technologies, Inc. on a Chapter 11 disclosure statement and plan of liquidation, which was recently approved by Judge Randall J. Newsome, United States Bankruptcy Court for the Northern District of California.
Asyst Technologies, a manufacturer of hardware and software automation systems, filed for bankruptcy on April 20, 2009. Its Japanese subsidiaries, Asyst Technologies Japan Holdings Co. and Asyst Technologies Japan Inc., entered into proceedings under Japan’s Corporate Reorganization Law on the same day. The case resulted in a coordinated sale in both Japan and the United States to Murata Machinery, Ltd. of the Japanese operation and all related subsidiaries, and certain United States operations and its related subsidiaries, for approximately $115 million and $5.5 million, respectively. Baker & McKenzie also represented Asyst Technologies in a successful section 363 sale of the debtor’s software business to The Peer Group, Inc. for $2 million and a separate section 363 sale of the debtor’s AMHS business to Crossing Automation, Inc. for $6.5 million.
The Baker & McKenzie team was led by Ali Mojdehi, Chair of the Financial Restructuring, Creditors’ Rights and Bankruptcy Group in San Diego, and associate Janet Gertz.
“The coordinated auction between the Japan and United States bankruptcy proceedings was sequenced in a fashion designed to maximize value and has enabled us to obtain the best outcome for all parties involved in this case,” said Mojdehi.