iRobot to be Acquired by Asia-Based Robotic Vacuum Cleaner Manufacturer Picea

Paul, Weiss is advising iRobot on its restructuring support agreement with Shenzhen PICEA Robotics Co., Ltd., and Santrum Hong Kong Co., Limited, collectively known as Picea. Under the agreement, Picea, iRobot’s secured lender and a global manufacturer and service provider of robotic vacuum cleaners, will acquire all equity interests in iRobot. Financial details were not disclosed.

The transaction will reduce the debt on iRobot’s balance sheet and allow it to continue operating through the completion of its prepackaged chapter 11 process, expected in February.

The Paul, Weiss team includes restructuring partners Paul Basta, Alice Eaton, John Weber and Liz Osborne and counsel Sarah Harnett; executive compensation partner Jean McLoughlin; antitrust partners Ross Ferguson and Katharine Haigh, and counsel Lauren O'Brien and John Magruder; corporate partner Jeffrey Marell; intellectual property partners Claudine Meredith-Goujon and Brianna van Kan; litigation partners Alison Benedon and John Carlin and counsel Nathan Mitchell; and tax partner Robert Holo.