iRobot (NASDAQ:IRBT), the company behind the Roomba line of robotic vacuum cleaners, has filed for Chapter 11 bankruptcy protection and reached a restructuring agreement with its secured lender and key manufacturing partners, Shenzhen PICEA Robotics and Santrum Hong Kong.
As part of the deal, Picea is set to acquire iRobot through a court-supervised transaction. The company initiated a voluntary, pre-packaged Chapter 11 filing on Monday in the U.S. Bankruptcy Court for the District of Delaware.
iRobot said it expects to emerge from the restructuring process by February. Court documents show the company has estimated assets ranging between $100 million and $500 million, with liabilities falling within a similar range.
Throughout the restructuring period, iRobot plans to maintain normal operations. The company said customers should not experience any disruption to its mobile applications, support services, supply chain operations, global partnerships or ongoing product programs.