Engagement: Array Photonics
Sonoran's Role: Interim Management and Financial Advisor
Array Photonics is a semiconductor company located in Arizona. They design and manufacture laser and photodetector arrays for next generation infrared sensing applications, based on its proprietary semiconductor technology. When the company was unable to develop the new technology after hundreds of millions of dollars in equity financing for research and development, ownership decided to shut down the company.
Role of Sonoran
Sonoran was hired as a financial advisor to sell the remaining assets of the company, manage the winddown process, provide accounting and HR services, negotiate payments to unsecured creditors, and manage the company on a day-to-day basis. Sonoran also provided financial analysis and litigation support.
Sonoran is still currently involved in the company but has successfully and efficiently closed operations by handling any employee, litigatory, and accounting issues. Sonoran saved the company hundreds of thousands of dollars by negotiating payment agreements with creditors. Sonoran received multiple bids during the sale process, but ultimately none were accepted by the company in hopes of receiving a higher bid after the pandemic has run its course. Sonoran is currently managing surplus assets sales and other issues.
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