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.
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