Judge Confirms Quirky’s Chapter 11 Plan
New York – July 26, 2016 – Cooley advised Quirky and its affiliated debtors Wink and Undercurrent Acquisition on the confirmation of its Chapter 11 Plan of Liquidation, which was approved on July 15 by the Honorable Martin Glenn of the United States Bankruptcy Court for the Southern District of New York. FTI Consulting acted as financial advisor to the debtors.
Quirky, founded in 2009, served as an online idea factory and marketplace for products developed by a community of amateur inventors. Cooley advised Quirky and its affiliates in the months leading to their Chapter 11 bankruptcies, filed in September 2015, and through the 11 month bankruptcy process, culminating in successful confirmation of its plan. Cooley successfully maximized value and return for all parties involved, highlighted by the $15 million sale of Quirky subsidiary Wink as a going concern to Flextronics International USA, a subsidiary of Flextronics International. Other successes included the sale of hundreds of Quirky product ideas to Q Holdings.
About Cooley LLP
Clients partner with Cooley on transformative deals, complex IP and regulatory matters, and high-stakes litigation, where innovation meets the law.
Cooley has 900 lawyers across 12 offices in the United States, China and Europe.
This content is provided for general informational purposes only, and your access or use of the content does not create an attorney-client relationship between you or your organization and Cooley LLP, Cooley (UK) LLP, or any other affiliated practice or entity (collectively referred to as “Cooley”). By accessing this content, you agree that the information provided does not constitute legal or other professional advice. This content is not a substitute for obtaining legal advice from a qualified attorney licensed in your jurisdiction and you should not act or refrain from acting based on this content. This content may be changed without notice. It is not guaranteed to be complete, correct or up to date, and it may not reflect the most current legal developments. Prior results do not guarantee a similar outcome. Do not send any confidential information to Cooley, as we do not have any duty to keep any information you provide to us confidential. This content may be considered Attorney Advertising and is subject to our legal notices.