SUNNYVALE, Calif.-The troubles of Adaptive Broadband Corp. came to an expected conclusion when the company announced it filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in San Jose, Calif.
Adaptive said it planned to pursue an “orderly wind down of its operations and sale of its assets and business.”
Four of the company’s five directors resigned as well. Daniel Scharre, president and chief executive officer of Adaptive Broadband, remains as its sole director.
The company was delisted from Nasdaq in mid-May, just a few weeks after it cut its work force from 150 to 60 employees. Adaptive last traded at 85 cents per share. There also are numerous lawsuits still pending against the company alleging Adaptive Broadband issued false and misleading statements about the its financial condition.
In mid-June, Adaptive said it was open to a sale, merger or recapitalization.
The company developed and supplied point-to-multipoint network infrastructure equipment for 5.8 GH
