Notice of Auction Cancellation and Selection of Successful Bidder Filed by for Xtera Communications, Inc.
January 23, 2017 at 11:00 pm EST
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Xtera Communications, Inc. filed a notice in the US Bankruptcy Court for the sale of substantially all its assets on January 24, 2017. As per the notice filed, the debtor did not receive any qualified bids for the sale of its assets and therefore, the auction scheduled for January 25, 2017 has been cancelled. H.I.G. Europe – Neptune, Ltd., the stalking horse bidder, has been selected as the successful bidder. The sale hearing is scheduled for January 30, 2017.
Xtera Communications, Inc. is a provider of subsea systems and telecoms technology. The Company supplies unrepeatered and repeatered networks, through optical amplifiers to deliver traffic directly in inland. Its portfolio of services includes system design, project planning and feasibility studies, on-shore and off-shore security during installation, desktop study, route survey and cable engineering, in-house permitting service, route clearance, shore end and installation operations, post lay inspection and burial, landing route and station development, testing and commissioning, training, and maintenance and operational support. Its products include submarine system technology, repeater units, branching units, open systems, open systems gateway, network management system, optima terminal equipment and unrepeatered systems. It offers Nu-wave Optima platform, which provides a modular platform that serves terrestrial, unrepeatered and ultra-long span submarine applications.